$CIO
City Office REIT, Inc.

2023 Q2 Form 10-Q Financial Statement

#000119312523136490 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $44.60M $45.96M $44.85M
YoY Change -1.96% 2.46% 13.49%
Cost Of Revenue $17.25M $17.72M $16.49M
YoY Change 2.44% 7.47% 16.78%
Gross Profit $27.36M $28.24M $28.36M
YoY Change -4.55% -0.44% 11.67%
Gross Profit Margin 61.34% 61.44% 63.24%
Selling, General & Admin $3.668M $3.765M $3.456M
YoY Change 1.49% 8.94% 23.43%
% of Gross Profit 13.41% 13.33% 12.18%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.77M $15.30M $15.82M
YoY Change 0.43% -3.23% 9.67%
% of Gross Profit 57.64% 54.2% 55.76%
Operating Expenses $19.44M $36.79M $19.27M
YoY Change -46.24% 90.9% 11.98%
Operating Profit $7.922M $9.168M $9.092M
YoY Change -15.25% 0.84% 11.01%
Interest Expense -$8.304M $8.295M -$6.059M
YoY Change -232.15% -236.9% -7.78%
% of Operating Profit -104.82% 90.48% -66.64%
Other Income/Expense, Net
YoY Change
Pretax Income -$516.0K $873.0K $24.69M
YoY Change -116.85% -96.46% -49.62%
Income Tax
% Of Pretax Income
Net Earnings -$2.535M $704.0K $24.69M
YoY Change -187.44% -97.15% -49.62%
Net Earnings / Revenue -5.68% 1.53% 55.05%
Basic Earnings Per Share -$0.06 -$0.03 $0.52
Diluted Earnings Per Share -$0.06 -$0.03 $552.2K
COMMON SHARES
Basic Shares Outstanding 39.94M 39.93M 43.55M
Diluted Shares Outstanding 39.94M 39.87M 44.41M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.35M $35.85M $26.74M
YoY Change 45.53% 34.07% 79.48%
Cash & Equivalents $38.35M $35.85M $26.74M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $87.32M $82.61M $62.21M
YoY Change 36.75% 32.8% 32.08%
LONG-TERM ASSETS
Property, Plant & Equipment $1.356B $1.396B $1.417B
YoY Change -4.15% -1.47% 47.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.37M $38.23M $40.42M
YoY Change -44.96% -5.43% 10.74%
Total Long-Term Assets $1.450B $1.493B $1.570B
YoY Change -6.29% -4.89% 50.8%
TOTAL ASSETS
Total Short-Term Assets $87.32M $82.61M $62.21M
Total Long-Term Assets $1.450B $1.493B $1.570B
Total Assets $1.537B $1.576B $1.632B
YoY Change -4.59% -3.45% 49.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.63M $29.53M $33.42M
YoY Change -7.58% -11.66% 60.69%
Accrued Expenses $8.675M $8.738M $9.082M
YoY Change -3.71% -3.79% 17.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.30M $38.27M $42.51M
YoY Change -6.75% -9.98% 49.14%
LONG-TERM LIABILITIES
Long-Term Debt $679.9M $710.0M $663.9M
YoY Change 3.67% 6.94% 15.9%
Other Long-Term Liabilities $29.37M $36.12M $38.65M
YoY Change -21.52% -6.55% 42.1%
Total Long-Term Liabilities $709.3M $746.1M $702.6M
YoY Change 2.31% 6.2% 17.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.30M $38.27M $42.51M
Total Long-Term Liabilities $709.3M $746.1M $702.6M
Total Liabilities $748.9M $784.4M $746.0M
YoY Change 1.84% 5.15% 18.5%
SHAREHOLDERS EQUITY
Retained Earnings $235.7M $242.3M
YoY Change -16.34%
Common Stock $437.1M $436.0M
YoY Change -8.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $788.6M $791.1M $886.2M
YoY Change
Total Liabilities & Shareholders Equity $1.537B $1.576B $1.632B
YoY Change -4.59% -3.45% 49.99%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.535M $704.0K $24.69M
YoY Change -187.44% -97.15% -49.62%
Depreciation, Depletion And Amortization $15.77M $15.30M $15.82M
YoY Change 0.43% -3.23% 9.67%
Cash From Operating Activities $13.70M $13.88M $14.66M
YoY Change -77.28% -5.29% -5.55%
INVESTING ACTIVITIES
Capital Expenditures $6.443M $11.38M -$6.476M
YoY Change -164.52% -275.77% 3.62%
Acquisitions
YoY Change
Other Investing Activities -$4.941M -$1.037M -$423.0K
YoY Change 13.25% 145.15% -100.46%
Cash From Investing Activities -$11.38M -$12.42M -$6.899M
YoY Change -20.66% 80.03% -108.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.898M 6.514M -2.381M
YoY Change -92.16% -373.58% -97.9%
NET CHANGE
Cash From Operating Activities 13.70M 13.88M 14.66M
Cash From Investing Activities -11.38M -12.42M -6.899M
Cash From Financing Activities -1.898M 6.514M -2.381M
Net Change In Cash 418.0K 7.977M 5.379M
YoY Change -98.08% 48.3% -142.12%
FREE CASH FLOW
Cash From Operating Activities $13.70M $13.88M $14.66M
Capital Expenditures $6.443M $11.38M -$6.476M
Free Cash Flow $7.257M $2.500M $21.14M
YoY Change -89.68% -88.17% -2.92%

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CY2023Q1 dei Entity Incorporation Date Of Incorporation
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
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P50Y
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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200000
CY2022Q1 us-gaap Operating Lease Cost
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300000
CY2023Q1 cio Financing Lease Cost
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100000
CY2022Q1 cio Financing Lease Cost
FinancingLeaseCost
100000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
459000
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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5000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
770000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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7000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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770000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
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8000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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724000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Three
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8000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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587000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
8000
CY2023Q1 cio Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
26563000
CY2023Q1 cio Finance Lease Liability Payments Due After Year Four
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6938000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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29873000
CY2023Q1 us-gaap Finance Lease Liability Payments Due
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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21135000
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
5483000
CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
1491000
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
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100000000
CY2020Q3 us-gaap Stock Repurchase Program Authorized Amount1
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50000000
CY2022Q1 us-gaap Stock Repurchased During Period Shares
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0
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2022Q2 cio Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfShares
3763580
CY2023Q1 cio Schedule Of Share Based Compensation Arrangement By Share Based Payment Award For Defined Performance
ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardForDefinedPerformance
The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the Peer Group would result in a 50% payout; TSR at the 50th percentile of the Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum.
CY2023Q1 cio Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue
3729000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.03
CY2022Q1 cio Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodGrantDateFairValue
5753000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.54
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2023Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1024000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
904000

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