2024 Q3 Form 10-Q Financial Statement

#000002523224000044 Filed on July 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $209.2M $213.0M
YoY Change 5.21% 4.24%
Cost Of Revenue $66.01M $70.63M
YoY Change 1.8% 4.53%
Gross Profit $143.2M $142.3M
YoY Change 6.86% 4.09%
Gross Profit Margin 68.45% 66.84%
Selling, General & Admin $9.392M $9.058M
YoY Change 10.69% 10.73%
% of Gross Profit 6.56% 6.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $89.78M $95.42M
YoY Change 12.95% 18.87%
% of Gross Profit 62.7% 67.03%
Operating Expenses $99.18M $104.5M
YoY Change 12.73% 18.12%
Operating Profit $142.1M $141.3M
YoY Change 5.33% 192.6%
Interest Expense $30.77M $29.74M
YoY Change 13.94% -214.52%
% of Operating Profit 21.66% 21.05%
Other Income/Expense, Net
YoY Change
Pretax Income $12.93M $7.522M
YoY Change -31.61% -66.31%
Income Tax
% Of Pretax Income
Net Earnings $11.20M $7.840M
YoY Change -42.16% -65.34%
Net Earnings / Revenue 5.35% 3.68%
Basic Earnings Per Share $0.07 $0.05
Diluted Earnings Per Share $0.07 $0.05
COMMON SHARES
Basic Shares Outstanding 152.1M shares 152.1M shares
Diluted Shares Outstanding 152.8M shares 152.6M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.14M $5.954M
YoY Change 999.38% -25.86%
Cash & Equivalents $76.14M $5.954M
Short-Term Investments
Other Short-Term Assets $8.550M $14.36M
YoY Change -38.76% -13.7%
Inventory
Prepaid Expenses
Receivables $11.79M $16.35M
Other Receivables $226.3M $221.3M
Total Short-Term Assets $322.8M $257.9M
YoY Change 36.01% 10.47%
LONG-TERM ASSETS
Property, Plant & Equipment $7.099B $7.110B
YoY Change 1.09% 1.08%
Goodwill $1.674M $1.674M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $182.1M $160.9M
YoY Change 28.94% 15.74%
Other Assets $72.86M $73.22M
YoY Change 6.72% 8.73%
Total Long-Term Assets $7.448B $7.443B
YoY Change 1.36% 1.09%
TOTAL ASSETS
Total Short-Term Assets $322.8M $257.9M
Total Long-Term Assets $7.448B $7.443B
Total Assets $7.771B $7.701B
YoY Change 2.44% 1.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $269.7M $236.8M
YoY Change 1.14% -1.98%
Accrued Expenses $49.95M $49.90M
YoY Change -6.49% -6.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $319.6M $286.7M
YoY Change -0.14% -2.78%
LONG-TERM LIABILITIES
Long-Term Debt $2.661B $2.587B
YoY Change 10.04% 6.72%
Other Long-Term Liabilities $350.0M $349.6M
YoY Change 29.86% 28.14%
Total Long-Term Liabilities $3.011B $2.936B
YoY Change 12.03% 8.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $319.6M $286.7M
Total Long-Term Liabilities $3.011B $2.936B
Total Liabilities $3.331B $3.223B
YoY Change 10.74% 6.92%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $5.656B $5.653B
YoY Change -2.34% -2.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.416B $4.454B
YoY Change
Total Liabilities & Shareholders Equity $7.771B $7.701B
YoY Change 2.44% 1.38%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $11.20M $7.840M
YoY Change -42.16% -65.34%
Depreciation, Depletion And Amortization $89.78M $95.42M
YoY Change 12.95% 18.87%
Cash From Operating Activities $117.4M $125.5M
YoY Change 0.81% -6.73%
INVESTING ACTIVITIES
Capital Expenditures $49.00M $91.45M
YoY Change -23.41% 41.96%
Acquisitions
YoY Change
Other Investing Activities -$23.61M -$5.879M
YoY Change -1621.01% -168.42%
Cash From Investing Activities -$72.60M -$97.32M
YoY Change 16.31% 74.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.41M -27.69M
YoY Change -146.08% -62.74%
NET CHANGE
Cash From Operating Activities 117.4M 125.5M
Cash From Investing Activities -72.60M -97.32M
Cash From Financing Activities 25.41M -27.69M
Net Change In Cash 70.19M 502.0K
YoY Change -6451.95% -88.71%
FREE CASH FLOW
Cash From Operating Activities $117.4M $125.5M
Capital Expenditures $49.00M $91.45M
Free Cash Flow $68.39M $34.07M
YoY Change 30.34% -51.44%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2886000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6047000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5145000 usd
CY2024Q2 cuz Distribution Of Taxable Income To Qualify As Reit Minimum
DistributionOfTaxableIncomeToQualifyAsREITMinimum
1
CY2024Q2 cuz Companys Portfolio Of Real Estate Assets Consist Office Space
CompanysPortfolioOfRealEstateAssetsConsistOfficeSpace
18800000 sqft
CY2024Q2 cuz Companys Portfolio Of Real Estate Assets Consist Retail Space
CompanysPortfolioOfRealEstateAssetsConsistRetailSpace
310000 sqft
CY2024Q2 cuz Investments In Real Estate Debt
InvestmentsInRealEstateDebt
27600000 usd
CY2024Q2 cuz Outstanding Commitments To Investment In Real Estate Debts Senior Loans
OutstandingCommitmentsToInvestmentInRealEstateDebtsSeniorLoans
49900000 usd
CY2024Q2 cuz Outstanding Commitments To Investment In Real Estate Debts
OutstandingCommitmentsToInvestmentInRealEstateDebts
9600000 usd
CY2024Q2 cuz Investments In Real Estate Debt
InvestmentsInRealEstateDebt
27585000 usd
CY2023Q4 cuz Investments In Real Estate Debt
InvestmentsInRealEstateDebt
0 usd
CY2024Q2 us-gaap Goodwill
Goodwill
1674000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
1674000 usd
CY2024Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
98472000 usd
CY2023Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
110667000 usd
CY2024Q2 cuz Predevelopment Costs
PredevelopmentCosts
57748000 usd
CY2023Q4 cuz Predevelopment Costs
PredevelopmentCosts
56600000 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14355000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8704000 usd
CY2024Q2 cuz Accumulated Amortization Incentives To Lessees
AccumulatedAmortizationIncentivesToLessees
7047000 usd
CY2023Q4 cuz Accumulated Amortization Incentives To Lessees
AccumulatedAmortizationIncentivesToLessees
5860000 usd
CY2024Q2 us-gaap Incentive To Lessee
IncentiveToLessee
11839000 usd
CY2023Q4 us-gaap Incentive To Lessee
IncentiveToLessee
10537000 usd
CY2024Q2 cuz Furniture Fixture And Equipment And Leasehold Improvements Accumulated Depreciation
FurnitureFixtureAndEquipmentAndLeaseholdImprovementsAccumulatedDepreciation
19351000 usd
CY2023Q4 cuz Furniture Fixture And Equipment And Leasehold Improvements Accumulated Depreciation
FurnitureFixtureAndEquipmentAndLeaseholdImprovementsAccumulatedDepreciation
18564000 usd
CY2024Q2 cuz Furniture Fixture And Equipment And Leasehold Improvements
FurnitureFixtureAndEquipmentAndLeaseholdImprovements
10158000 usd
CY2023Q4 cuz Furniture Fixture And Equipment And Leasehold Improvements
FurnitureFixtureAndEquipmentAndLeaseholdImprovements
10631000 usd
CY2024Q2 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
2773000 usd
CY2023Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
2131000 usd
CY2024Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
3631000 usd
CY2023Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
4273000 usd
CY2024Q2 us-gaap Other Assets
OtherAssets
97731000 usd
CY2023Q4 us-gaap Other Assets
OtherAssets
90745000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2589824000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2462068000 usd
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3092000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4441000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
2586732000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
2457627000 usd
CY2024Q2 cuz Debt Instrument Weighted Average Maturity Period
DebtInstrumentWeightedAverageMaturityPeriod
P2Y7M6D
CY2024Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
2500000000 usd
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
2400000000 usd
CY2024Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
32941000 usd
CY2023Q2 us-gaap Interest Costs Incurred
InterestCostsIncurred
30977000 usd
us-gaap Interest Costs Incurred
InterestCostsIncurred
65555000 usd
us-gaap Interest Costs Incurred
InterestCostsIncurred
61098000 usd
CY2024Q2 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
3198000 usd
CY2023Q2 us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
5005000 usd
us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
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us-gaap Interest Costs Incurred Capitalized
InterestCostsIncurredCapitalized
10096000 usd
CY2024Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
29743000 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
25972000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
58651000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
51002000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
1383000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
5936000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
4088000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
1803000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
908000 usd
CY2024Q2 us-gaap Interest Expense
InterestExpense
29743000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
25972000 usd
CY2024Q2 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
2200000 usd
CY2024Q2 cuz Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
49898000 usd
CY2023Q4 cuz Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
53348000 usd
CY2024Q2 us-gaap Advance Rent
AdvanceRent
30929000 usd
CY2023Q4 us-gaap Advance Rent
AdvanceRent
34872000 usd
CY2024Q2 us-gaap Lease Deposit Liability
LeaseDepositLiability
15782000 usd
CY2024Q2 us-gaap Other Sundry Liabilities
OtherSundryLiabilities
1433000 usd
CY2023Q4 us-gaap Other Sundry Liabilities
OtherSundryLiabilities
1560000 usd
CY2024Q2 us-gaap Other Liabilities
OtherLiabilities
98042000 usd
CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
104830000 usd
CY2024Q2 cuz Outstanding Performance Bonds
OutstandingPerformanceBonds
1100000 usd
CY2024Q2 cuz Outstanding Commitments To Fund Real Estate Projects
OutstandingCommitmentsToFundRealEstateProjects
104000000.0 usd
CY2024Q2 cuz Outstanding Commitments To Investment In Real Estate Debts
OutstandingCommitmentsToInvestmentInRealEstateDebts
9600000 usd
CY2021Q3 cuz Sale Of Stock Number Of Participating Financial Institutions
SaleOfStockNumberOfParticipatingFinancialInstitutions
6 financial_institution
CY2024Q1 us-gaap Treasury Stock Shares Retired
TreasuryStockSharesRetired
2536583 shares
CY2024Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
57.44
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3461000 usd
CY2024Q2 us-gaap Profit Loss
ProfitLoss
7961000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
23077000 usd
us-gaap Profit Loss
ProfitLoss
21412000 usd
us-gaap Profit Loss
ProfitLoss
45433000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
7840000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22621000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
21128000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152095000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2024Q2 us-gaap Profit Loss
ProfitLoss
7961000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
23077000 usd
us-gaap Profit Loss
ProfitLoss
21412000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
7842000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
22624000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
21132000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152095000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
151721000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
152020000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
25000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
152003000 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
CY2024Q2 us-gaap Interest Paid Net
InterestPaidNet
55800000 usd
CY2023Q2 us-gaap Interest Paid Net
InterestPaidNet
48502000 usd
CY2024Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2023Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 usd
CY2024Q2 cuz Retirement Of Treasury Stock
RetirementOfTreasuryStock
145696000 usd
CY2023Q2 cuz Retirement Of Treasury Stock
RetirementOfTreasuryStock
0 usd
CY2024Q2 cuz Tenant Improvements Funded By Tenants
TenantImprovementsFundedByTenants
90725000 usd
CY2023Q2 cuz Tenant Improvements Funded By Tenants
TenantImprovementsFundedByTenants
41240000 usd
CY2024Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
49292000 usd
CY2023Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
49296000 usd
CY2024Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
69812000 usd
CY2023Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
83605000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
181645000 usd
CY2024Q2 cuz Reimbursed Expenses
ReimbursedExpenses
151000 usd
CY2024Q2 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
-3000 usd
CY2023Q2 us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
0 usd
us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
98000 usd
us-gaap Gain Loss On Disposition Of Real Estate Discontinued Operations
GainLossOnDispositionOfRealEstateDiscontinuedOperations
-2000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
141315000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
131844000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
279940000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
261980000 usd

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