$FPI
Farmland Partners Inc

2022 Q4 Form 10-Q Financial Statement

#000155837022015400 Filed on October 26, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $21.82M $13.14M
YoY Change 8.86% 30.03%
Cost Of Revenue $3.584M $3.788M
YoY Change 89.63% 57.18%
Gross Profit $18.24M $9.452M
YoY Change 0.46% 22.83%
Gross Profit Margin 83.58% 71.93%
Selling, General & Admin $3.787M $2.912M
YoY Change -22.01% -32.98%
% of Gross Profit 20.76% 30.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.884M $1.665M
YoY Change -0.74% -12.87%
% of Gross Profit 10.33% 17.62%
Operating Expenses $9.349M $8.415M
YoY Change 7.21% -2.95%
Operating Profit $8.890M $4.725M
YoY Change -5.79% 229.5%
Interest Expense -$4.646M $3.891M
YoY Change 17.59% -3.06%
% of Operating Profit -52.26% 82.35%
Other Income/Expense, Net -$5.667M -$3.573M
YoY Change -384.77% -12.92%
Pretax Income $6.807M $1.152M
YoY Change -48.88% -143.16%
Income Tax -$98.00K $33.00K
% Of Pretax Income -1.44% 2.86%
Net Earnings $6.709M $1.094M
YoY Change -49.62% -142.83%
Net Earnings / Revenue 30.74% 8.33%
Basic Earnings Per Share $0.11 $0.01
Diluted Earnings Per Share $0.09 $0.01
COMMON SHARES
Basic Shares Outstanding 54.58M 53.05M
Diluted Shares Outstanding 62.63M 53.50M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.654M $8.869M
YoY Change -74.63% -58.5%
Cash & Equivalents $7.654M $8.869M
Short-Term Investments
Other Short-Term Assets $3.196M $1.256M
YoY Change -5.78% -34.55%
Inventory $2.808M $3.123M
Prepaid Expenses
Receivables $7.055M $6.632M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.71M $19.88M
YoY Change -50.12% -38.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.106B $1.091B
YoY Change 3.85% 3.65%
Goodwill $2.706M $2.706M
YoY Change 0.0%
Intangibles $2.055M $2.060M
YoY Change 7.31%
Long-Term Investments $4.185M $4.149M
YoY Change 22.12% 21.17%
Other Assets $96.00K $87.00K
YoY Change -83.16% -85.88%
Total Long-Term Assets $1.139B $1.108B
YoY Change 5.5% 4.07%
TOTAL ASSETS
Total Short-Term Assets $20.71M $19.88M
Total Long-Term Assets $1.139B $1.108B
Total Assets $1.160B $1.128B
YoY Change 3.44% 2.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $15.68M $15.66M
YoY Change 8.58% -15.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.02M $18.99M
YoY Change 13.28% -6.52%
LONG-TERM LIABILITIES
Long-Term Debt $436.9M $408.4M
YoY Change -14.56% -18.25%
Other Long-Term Liabilities $44.00K $111.0K
YoY Change -94.7% -91.26%
Total Long-Term Liabilities $436.9M $408.5M
YoY Change -14.69% -18.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.02M $18.99M
Total Long-Term Liabilities $436.9M $408.5M
Total Liabilities $455.9M $427.5M
YoY Change -13.8% -17.97%
SHAREHOLDERS EQUITY
Retained Earnings $3.567M -$2.189M
YoY Change -175.27% -80.22%
Common Stock $647.9M $647.5M
YoY Change 23.49% 72.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $580.8M $577.8M
YoY Change
Total Liabilities & Shareholders Equity $1.160B $1.128B
YoY Change 3.44% 2.83%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $6.709M $1.094M
YoY Change -49.62% -142.83%
Depreciation, Depletion And Amortization $1.884M $1.665M
YoY Change -0.74% -12.87%
Cash From Operating Activities $8.295M $318.0K
YoY Change 25.34% -104.56%
INVESTING ACTIVITIES
Capital Expenditures $18.70M -$9.147M
YoY Change -136.88% 397.66%
Acquisitions
YoY Change
Other Investing Activities -$15.97M -$75.00K
YoY Change -138.9% -98.37%
Cash From Investing Activities -$34.67M -$9.222M
YoY Change 260.09% 43.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.16M -1.924M
YoY Change 113.08% -64.16%
NET CHANGE
Cash From Operating Activities 8.295M 318.0K
Cash From Investing Activities -34.67M -9.222M
Cash From Financing Activities 25.16M -1.924M
Net Change In Cash -1.215M -10.83M
YoY Change -113.81% -42.36%
FREE CASH FLOW
Cash From Operating Activities $8.295M $318.0K
Capital Expenditures $18.70M -$9.147M
Free Cash Flow -$10.40M $9.465M
YoY Change -118.15% -284.11%

Facts In Submission

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CY2022Q3 us-gaap Dividends
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CY2021Q1 us-gaap Dividends
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CY2021Q3 us-gaap Dividends
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us-gaap Depreciation Depletion And Amortization
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us-gaap Net Cash Provided By Used In Financing Activities
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fpi Area Of Real Estate Property For Which Company Serves As Property Manager
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates for a variety of reasons, including, without limitation, the impacts of the ongoing coronavirus (“COVID-19”) pandemic, the war in Ukraine, substantially higher prices for oil and gas and substantially increased interest rates, and their effects on the domestic and global economies. We are unable to quantify the ultimate impact of these factors on our business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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AgriculturalRelatedCostOfHarvestedCrop
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AgriculturalRelatedCostOfHarvestedCrop
4400000
fpi Agricultural Related Cost Of Harvested Crop
AgriculturalRelatedCostOfHarvestedCrop
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AgriculturalRelatedInventoryHarvestedCrop
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CY2022Q1 fpi Number Of Loans
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us-gaap Finite Lived Intangible Asset Useful Life
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us-gaap Derivatives Methods Of Accounting Hedge Effectiveness
DerivativesMethodsOfAccountingHedgeEffectiveness
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Hedge Accounting</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the consolidated balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in the consolidated statements of operations during the reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Company manages economic risks, including interest rate, liquidity, and credit risk, by managing the amount, sources, duration and interest rate exposure of its funding. The Company may also use interest rate derivative financial instruments, namely interest rate swaps.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Company may enter into marketing contracts to sell commodities. Derivatives and hedge accounting guidance requires a company to evaluate these contracts to determine whether the contracts are derivatives. Certain contracts that meet the definition of a derivative may be exempt from derivative accounting if designated as normal purchase or normal sales. The Company evaluates all contracts at inception to determine if they are derivatives and if they meet the normal purchase and normal sale designation requirements. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The Company has in place one interest rate swap agreement with Rabobank to add stability to interest expense and to manage its exposure to interest rate movements. This agreement qualifies as a cash flow hedge and is actively evaluated for ongoing effectiveness (see “Note 10—Hedge Accounting”). The entire change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of shareholders’ equity in the Company’s consolidated balance sheets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Additionally, the Company assesses whether the derivative used in its hedging transaction is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. The Company discontinues hedge accounting when it is determined that a derivative has ceased to be or is not expected to be highly effective as a hedge, and then reflects changes in fair value of the derivative in earnings after termination of the hedge relationship.</p>
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CY2022Q3 us-gaap Notes Receivable Gross
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CY2021Q4 us-gaap Notes Receivable Gross
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fpi Operating Lease Lease Income Beginning Of Year
OperatingLeaseLeaseIncomeBeginningOfYear
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fpi Operating Lease Lease Income Beginning Of Year
OperatingLeaseLeaseIncomeBeginningOfYear
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CY2022Q3 fpi Operating Lease Lease Income Amended During Year
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CY2021Q3 fpi Operating Lease Lease Income Amended During Year
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fpi Operating Lease Lease Income Amended During Year
OperatingLeaseLeaseIncomeAmendedDuringYear
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AgriculturalRelatedRevenueOfHarvestedCrop
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fpi Agricultural Related Revenue Of Harvested Crop
AgriculturalRelatedRevenueOfHarvestedCrop
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fpi Agricultural Related Revenue Of Harvested Crop
AgriculturalRelatedRevenueOfHarvestedCrop
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CY2021Q4 us-gaap Notes Receivable Fair Value Disclosure
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CY2022Q3 us-gaap Secured Debt
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CY2021Q4 us-gaap Secured Debt
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CY2022Q3 us-gaap Debt Instrument Collateral Amount
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CY2022Q3 us-gaap Deferred Finance Costs Net
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0
fpi Number Of Acquisitions
NumberOfAcquisitions
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us-gaap Business Combination Consideration Transferred1
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0
fpi Number Of Dispositions
NumberOfDispositions
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fpi Number Of Real Estate Property Sold
NumberOfRealEstatePropertySold
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us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
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ProceedsFromSaleOfRealEstate
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fpi Number Of Dispositions
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fpi Number Of Real Estate Property Sold
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ConvertibleNotesReceivable
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3400000
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ProvisionForLoanLossesExpensed
0
CY2021Q3 us-gaap Provision For Loan Losses Expensed
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fpi Debt Prepayment Penalty
DebtPrepaymentPenalty
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AccumulatedAmortizationDeferredFinanceCosts
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CY2021Q4 us-gaap Accumulated Amortization Deferred Finance Costs
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q3 fpi Net Book Value Of Assets With Unexercised Options
NetBookValueOfAssetsWithUnexercisedOptions
8300000
CY2022Q3 fpi Net Book Value Of Assets With Exercised Repurchase Options
NetBookValueOfAssetsWithExercisedRepurchaseOptions
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-2554000
us-gaap Net Income Loss
NetIncomeLoss
5115000
us-gaap Net Income Loss
NetIncomeLoss
-2928000
CY2022Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
16000
CY2021Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
47000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
42000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
350000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2660000
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0600
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.1600
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.0500
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.1500
CY2018Q3 fpi Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Increase
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchasedIncrease
30000000.0
CY2019Q4 fpi Stock Repurchase Program Number Of Shares Authorized To Be Repurchased Increase
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchasedIncrease
50000000.0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
297000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
8.87
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
149000
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
11.78
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
173000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
8.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
8000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
11.32
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
265000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
10.86
CY2021Q4 fpi Stock Offering Authorized Amount
StockOfferingAuthorizedAmount
75000000.0
CY2022Q2 fpi Stock Offering Authorized Amount
StockOfferingAuthorizedAmount
100000000.0
fpi Deferred Offering Costs Incurred
DeferredOfferingCostsIncurred
100000
fpi Deferred Offering Costs Incurred
DeferredOfferingCostsIncurred
200000
CY2022Q3 us-gaap Deferred Offering Costs
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50000.00
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
40000.00
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
1094000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12145000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53495000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32551000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49908000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31355000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53495000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32551000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49908000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31355000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.39
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.39
CY2022Q3 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
55556
CY2021Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
46831
CY2021Q4 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
279000
CY2020Q4 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
-2380000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
2473000
CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
1676000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Reclassification For Discontinuance Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceBeforeTax
-453000
CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Reclassification For Discontinuance Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceBeforeTax
-983000
CY2022Q3 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
3205000
CY2021Q4 fpi Accumulated Derivative Instrument Gain Loss
AccumulatedDerivativeInstrumentGainLoss
279000

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