$ELS
EQUITY LIFESTYLE PROPERTIES INC

2023 Q3 Form 10-Q Financial Statement

#000089541723000059 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $388.8M $367.5M
YoY Change 2.71% 0.61%
Cost Of Revenue $199.2M $189.7M
YoY Change -0.46% -2.01%
Gross Profit $187.3M $177.9M
YoY Change 4.95% 5.17%
Gross Profit Margin 48.16% 48.39%
Selling, General & Admin $15.59M $29.30M
YoY Change -38.69% 61.83%
% of Gross Profit 8.33% 16.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.29M $52.81M
YoY Change -0.48% 1.69%
% of Gross Profit 27.93% 29.69%
Operating Expenses $15.59M $82.14M
YoY Change -80.01% 353.73%
Operating Profit $171.7M $95.73M
YoY Change 70.89% -36.62%
Interest Expense -$31.10M -$30.65M
YoY Change 13.67% 20.49%
% of Operating Profit -18.12% -32.02%
Other Income/Expense, Net $1.338M $1.381M
YoY Change -17.76% -67.03%
Pretax Income $80.08M $65.08M
YoY Change 15.98% 2.75%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $80.74M $62.92M
YoY Change 20.22% -2.59%
Net Earnings / Revenue 20.77% 17.12%
Basic Earnings Per Share $0.41 $0.34
Diluted Earnings Per Share $0.41 $0.32
COMMON SHARES
Basic Shares Outstanding 186.3M shares 186.2M shares
Diluted Shares Outstanding 195.4M shares 195.4M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.48M $7.407M
YoY Change 26.12% -55.45%
Cash & Equivalents $59.68M $28.11M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $38.48M $7.407M
YoY Change 426.4% -55.45%
LONG-TERM ASSETS
Property, Plant & Equipment $5.248B $5.219B
YoY Change 3.78% 2.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $84.33M $82.42M
YoY Change -4.55% -2.01%
Other Assets $74.38M $72.68M
YoY Change 48.67% -2.58%
Total Long-Term Assets $5.588B $5.579B
YoY Change 3.51% 3.63%
TOTAL ASSETS
Total Short-Term Assets $38.48M $7.407M
Total Long-Term Assets $5.588B $5.579B
Total Assets $5.626B $5.586B
YoY Change 4.09% 3.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $162.9M $146.0M
YoY Change -11.84% -7.13%
Accrued Expenses $38.50M $39.21M
YoY Change 273.13% 2.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $288.9M $272.6M
YoY Change 4.89% -1.14%
LONG-TERM LIABILITIES
Long-Term Debt $3.502B $3.451B
YoY Change 6.12% 5.59%
Other Long-Term Liabilities $338.0M $359.2M
YoY Change 8.9% 7.6%
Total Long-Term Liabilities $3.840B $3.810B
YoY Change 6.36% 5.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $288.9M $272.6M
Total Long-Term Liabilities $3.840B $3.810B
Total Liabilities $4.129B $4.154B
YoY Change 4.32% 7.12%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.643B $1.640B
YoY Change 0.97% 0.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.427B $1.432B
YoY Change
Total Liabilities & Shareholders Equity $5.626B $5.586B
YoY Change 4.09% 3.45%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $80.74M $62.92M
YoY Change 20.22% -2.59%
Depreciation, Depletion And Amortization $52.29M $52.81M
YoY Change -0.48% 1.69%
Cash From Operating Activities $151.8M $72.37M
YoY Change 13.85% -59.15%
INVESTING ACTIVITIES
Capital Expenditures $82.32M $52.92M
YoY Change -186.72% -127.29%
Acquisitions
YoY Change
Other Investing Activities -$1.597M $1.246M
YoY Change -16.69% -142.02%
Cash From Investing Activities -$83.91M -$51.68M
YoY Change -13.34% -73.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.35M -23.24M
YoY Change -24.97% -196.67%
NET CHANGE
Cash From Operating Activities 151.8M 72.37M
Cash From Investing Activities -83.91M -51.68M
Cash From Financing Activities -36.35M -23.24M
Net Change In Cash 31.57M -2.554M
YoY Change -364.96% -159.31%
FREE CASH FLOW
Cash From Operating Activities $151.8M $72.37M
Capital Expenditures $82.32M $52.92M
Free Cash Flow $69.52M $19.44M
YoY Change -69.55% -94.76%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2022Q4 us-gaap Derivative Asset Statement Of Financial Position Extensible Enumeration
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us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
Prior period correction<div style="margin-top:8pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the six months ended June 30, 2023, the Company identified and corrected an immaterial error related to the classification of cash outflows associated with the purchase of MHs in the Consolidated Statements of Cash Flows. Previously, the Company classified these cash outflows within investing activities in the Consolidated Statements of Cash Flows to align with the balance sheet classification. Based on the predominance principle in </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">ASC 230-10-45-22,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> the Company determined that all of the cash flows associated with the purchase and sale of manufactured homes should be classified within operating activities in the Consolidated Statements of Cash Flows. Based on an analysis of quantitative and qualitative factors in accordance with SEC Staff Accounting Bulletins 99, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Materiality</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and 108, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the Company concluded that this error was immaterial to the Consolidated Statements of Cash Flows as presented in the Company’s previously filed Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. There was no impact to the Consolidated Statements of Income and Comprehensive Income, Consolidated Balance Sheets, or Consolidated Statements of Changes in Equity for any periods presented.</span></div><div style="margin-top:8pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2023, the Company made appropriate revisions to its Consolidated Statements of Cash Flows for historical periods for purposes of comparability to the current period. Such changes are reflected for the six months ended June 30, 2022, included in these financial statements, and will also be reflected in the historical periods included in the Company’s subsequent quarterly and annual consolidated financial statements.</span></div>
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CY2020 els Increase Decrease In Manufactured Homes
IncreaseDecreaseInManufacturedHomes
10280000 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3645000 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
27149000 usd
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4797000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
475814000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
509027000 usd
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
417412000 usd
CY2022 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
249277000 usd
CY2021 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
204265000 usd
CY2020 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
167957000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-402067000 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-828430000 usd
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-401254000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
62533000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
128029000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
54172000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
24260000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
22821000 usd
CY2023Q2 els Lessor Operating Lease Payment To Be Received Due After Year Four
LessorOperatingLeasePaymentToBeReceivedDueAfterYearFour
58145000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
349960000 usd
CY2023Q2 els Lessee Number Of Non Cancelable Operating Leases
LesseeNumberOfNonCancelableOperatingLeases
10 property
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1700000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
2900000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
3200000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
5500000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
62920000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2795000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4082000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3788000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3297000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3113000 usd
CY2023Q2 els Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
15319000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32394000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5518000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
26876000 usd
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
24600000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
26900000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
25900000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
28000000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
61509000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
145291000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
144415000 usd
CY2023Q2 us-gaap Dilutive Securities
DilutiveSecurities
3121000 usd
CY2022Q2 us-gaap Dilutive Securities
DilutiveSecurities
3073000 usd
us-gaap Dilutive Securities
DilutiveSecurities
7209000 usd
us-gaap Dilutive Securities
DilutiveSecurities
7217000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
66041000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
64582000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
152500000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
151632000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
186023000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
185767000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
185962000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
185729000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
9240000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
9297000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
9251000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
9299000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
167000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
163000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
175000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
225000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195430000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195227000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195388000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
195253000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.78
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.78
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.78
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.78
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.4100
CY2022Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.4100
CY2022Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.4100
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.4100
CY2022Q2 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
69379000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.4475
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
25496 shares
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
8640 shares
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2600000 usd
CY2023Q2 els Number Of Joint Venture Sites
NumberOfJointVentureSites
3564 site
CY2023Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
82423000 usd
CY2022Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
81404000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1497000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1424000 usd
CY2023Q2 els Number Of Joint Venture Sites
NumberOfJointVentureSites
2 joint_venture
els Proceeds From Equity Investment Distributions Including Those In Excess Of Basis
ProceedsFromEquityInvestmentDistributionsIncludingThoseInExcessOfBasis
3600000 usd
els Proceeds From Equity Investment Distributions Including Those In Excess Of Basis
ProceedsFromEquityInvestmentDistributionsIncludingThoseInExcessOfBasis
2000000 usd
els Proceeds From Equity Investment Distributions Amount In Excess Of Basis
ProceedsFromEquityInvestmentDistributionsAmountInExcessOfBasis
1100000 usd
els Proceeds From Equity Investment Distributions Amount In Excess Of Basis
ProceedsFromEquityInvestmentDistributionsAmountInExcessOfBasis
800000 usd
CY2023Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
16900000 usd
us-gaap Profit Loss
ProfitLoss
152508000 usd
CY2023Q2 us-gaap Assets
Assets
5585987000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
149002000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8600000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
6300000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q2 us-gaap Profit Loss
ProfitLoss
66049000 usd
CY2023Q2 us-gaap Assets
Assets
5585987000 usd
CY2023Q2 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
51901000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
64590000 usd
CY2022Q2 us-gaap Assets
Assets
5399588000 usd
us-gaap Profit Loss
ProfitLoss
151640000 usd
CY2022Q2 us-gaap Assets
Assets
5399588000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
130337000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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