2023 Q2 Form 10-Q Financial Statement

#000095017023018229 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.393B $1.381B $1.074B
YoY Change 0.87% 28.58% 169.17%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $979.0M $964.0M $780.0M
YoY Change 8.9% 23.59% 95.0%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $168.0M $169.0M $172.0M
YoY Change 3.7% -1.74% 4.24%
% of Gross Profit
Operating Expenses $1.147B $1.133B $952.0M
YoY Change 8.11% 19.01% 68.5%
Operating Profit $249.0M $248.0M $122.0M
YoY Change -23.85% 103.28% -173.49%
Interest Expense -$21.00M $49.00M $36.00M
YoY Change -156.76% 36.11% -14.29%
% of Operating Profit -8.43% 19.76% 29.51%
Other Income/Expense, Net $69.00M $13.00M
YoY Change 430.77%
Pretax Income $228.0M $289.0M $102.0M
YoY Change -23.75% 183.33% -151.26%
Income Tax $14.00M -$2.000M -$16.00M
% Of Pretax Income 6.14% -0.69% -15.69%
Net Earnings $210.0M $287.0M $116.0M
YoY Change -17.97% 147.41% -176.32%
Net Earnings / Revenue 15.08% 20.78% 10.8%
Basic Earnings Per Share $0.30 $0.40 $0.16
Diluted Earnings Per Share $0.29 $0.40 $0.16
COMMON SHARES
Basic Shares Outstanding 711.2M 713.5M 714.3M
Diluted Shares Outstanding 713.2M 714.9M 716.1M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.015B $563.0M $429.0M
YoY Change 15.74% 31.24% -79.94%
Cash & Equivalents $802.0M $563.0M $266.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $485.0M $485.0M
Other Receivables $87.00M $144.0M
Total Short-Term Assets $1.587B $1.192B $554.0M
YoY Change 9.15% 115.16% -74.41%
LONG-TERM ASSETS
Property, Plant & Equipment $9.717B $9.720B $9.596B
YoY Change 1.88% 1.29% 0.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $144.0M $150.0M $143.0M
YoY Change 14.29% 4.9% 320.59%
Other Assets $10.00M $412.0M
YoY Change 42.86% 20500.0%
Total Long-Term Assets $10.78B $11.03B $11.28B
YoY Change 1.78% -2.15% 6.81%
TOTAL ASSETS
Total Short-Term Assets $1.587B $1.192B $554.0M
Total Long-Term Assets $10.78B $11.03B $11.28B
Total Assets $12.37B $12.23B $11.83B
YoY Change 2.67% 3.35% -7.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $209.0M $219.0M $97.00M
YoY Change 84.96% 125.77% 27.63%
Accrued Expenses $567.0M $570.0M $575.0M
YoY Change -0.87% -0.87% -5.58%
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 $776.0M $789.0M $672.0M
YoY Change 13.28% 17.41% -1.9%
LONG-TERM LIABILITIES
Long-Term Debt $4.210B $4.208B $4.210B
YoY Change -0.05% -0.05% -24.01%
Other Long-Term Liabilities $234.0M $198.0M $219.0M
YoY Change 15.84% -9.59% -1.35%
Total Long-Term Liabilities $4.444B $4.406B $4.429B
YoY Change 0.68% -0.52% -23.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $776.0M $789.0M $672.0M
Total Long-Term Liabilities $4.444B $4.406B $4.429B
Total Liabilities $5.220B $5.195B $5.101B
YoY Change 2.37% 1.84% -22.43%
SHAREHOLDERS EQUITY
Retained Earnings -$636.0M -$739.0M -$1.098B
YoY Change -28.14% -32.7%
Common Stock $7.678B $7.670B $7.687B
YoY Change -0.75% -0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.972B $6.858B $6.520B
YoY Change
Total Liabilities & Shareholders Equity $12.37B $12.23B $11.83B
YoY Change 2.67% 3.35% -7.01%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $210.0M $287.0M $116.0M
YoY Change -17.97% 147.41% -176.32%
Depreciation, Depletion And Amortization $168.0M $169.0M $172.0M
YoY Change 3.7% -1.74% 4.24%
Cash From Operating Activities $512.0M $308.0M $261.0M
YoY Change 14.54% 18.01% -632.65%
INVESTING ACTIVITIES
Capital Expenditures $177.0M $146.0M -$122.0M
YoY Change -250.0% -219.67% 31.18%
Acquisitions
YoY Change
Other Investing Activities $7.000M $41.00M $30.00M
YoY Change -95.33% 36.67% -116.48%
Cash From Investing Activities -$170.0M -$105.0M -$92.00M
YoY Change -631.25% 14.13% -66.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -88.00M 308.0M -693.0M
YoY Change 300.0% -144.44% 6200.0%
NET CHANGE
Cash From Operating Activities 512.0M 308.0M 261.0M
Cash From Investing Activities -170.0M -105.0M -92.00M
Cash From Financing Activities -88.00M 308.0M -693.0M
Net Change In Cash 254.0M -104.0M -523.0M
YoY Change -44.42% -80.11% 56.12%
FREE CASH FLOW
Cash From Operating Activities $512.0M $308.0M $261.0M
Capital Expenditures $177.0M $146.0M -$122.0M
Free Cash Flow $335.0M $162.0M $383.0M
YoY Change -40.71% -57.7% 770.45%

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<table style="border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:9.1%;"/> <td style="width:90.9%;"/> </tr> <tr style="height:9.35pt;"> <td style="background-color:rgba(0,0,0,0);padding-top:0.01in;word-break:break-word;white-space:pre-wrap;vertical-align:top;padding-right:0.01in;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">12.</span></p></td> <td style="background-color:rgba(0,0,0,0);padding-top:0.01in;word-break:break-word;white-space:pre-wrap;vertical-align:top;padding-right:0.01in;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Contingencies</span></p></td> </tr> </table><p style="margin-left:9.067%;text-indent:4.985%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">While the majority of our hotels in Florida were affected by Hurricane Ian, which made landfall on September 28, 2022, the most significant damage sustained during the storm occurred at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. The Hyatt Regency Coconut Point is open to guests, and the final phase of reconstruction, the resort's waterpark, is scheduled to reopen mid-June 2023. As of March 31, 2023, The Ritz-Carlton, Naples remains closed, and the reopening of the guestrooms, suites and amenities, including the new tower expansion, is targeted for July 2023.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:9.067%;text-indent:4.985%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">We are still evaluating the complete property and business interruption impacts of the storm. However, our current estimate of the book value of the property and equipment written off and remediation costs is approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">105</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million, for which we have recorded a corresponding insurance receivable of $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">105</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million. Provided planned reopening dates can be maintained, we believe our insurance coverage should be sufficient to cover substantially all of the property remediation and reconstruction costs and the near-term loss of business; however, there can be no assurances that this coverage will be sufficient to cover the entirety of the business interruption impact from the storm, especially if the hotel is unable to open as currently anticipated. As of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">March 31, 2023</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, we have received $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">55</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">of property insurance</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:9.067%;text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">proceeds </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">related to these claims, reducing the receivable to $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">50</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million. Subsequent to quarter end, we received an additional $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">43</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million of property insurance proceeds.</span></p>

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