2023 Q4 Form 10-Q Financial Statement

#000130774823000115 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $64.72M $64.06M
YoY Change 9.2% 9.03%
Cost Of Revenue $19.22M $19.90M
YoY Change -0.46% 0.89%
Gross Profit $45.50M $44.20M
YoY Change 13.86% 13.24%
Gross Profit Margin 70.3% 69.0%
Selling, General & Admin $8.408M $7.600M
YoY Change -16.78% 5.03%
% of Gross Profit 18.48% 17.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.13M $30.30M
YoY Change 17.71% 26.14%
% of Gross Profit 61.83% 68.55%
Operating Expenses $36.50M $57.78M
YoY Change 7.35% 13.33%
Operating Profit $8.999M -$7.105M
YoY Change 51.04% 3.87%
Interest Expense -$9.807M $9.555M
YoY Change 11.84% 24.27%
% of Operating Profit -108.98%
Other Income/Expense, Net $3.713M $676.0K
YoY Change 169.45% 36.02%
Pretax Income $2.890M -$800.0K
YoY Change -2412.0% -185.47%
Income Tax
% Of Pretax Income
Net Earnings $2.890M -$822.0K
YoY Change -4761.29% -187.82%
Net Earnings / Revenue 4.47% -1.28%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share $0.04 -$0.01
COMMON SHARES
Basic Shares Outstanding 67.53M shares 67.53M shares
Diluted Shares Outstanding 67.53M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.76M $104.0M
YoY Change -27.58% -51.97%
Cash & Equivalents $99.76M $104.1M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $35.35M $34.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $135.1M $138.0M
YoY Change -21.58% -44.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.195B $2.208B
YoY Change 4.92% 5.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $4.000M
YoY Change -100.0% -92.92%
Other Assets $42.41M $57.00M
YoY Change -17.08% 4.63%
Total Long-Term Assets $2.352B $2.392B
YoY Change 2.24% 4.33%
TOTAL ASSETS
Total Short-Term Assets $135.1M $138.0M
Total Long-Term Assets $2.352B $2.392B
Total Assets $2.487B $2.530B
YoY Change 0.58% -0.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.58M $47.00M
YoY Change 4.19% 4.37%
Accrued Expenses $3.023M
YoY Change -7.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $62.20M $62.00M
YoY Change 3.85% -0.21%
LONG-TERM LIABILITIES
Long-Term Debt $814.6M $834.0M
YoY Change 7.95% 3.26%
Other Long-Term Liabilities $56.52M $63.00M
YoY Change 3.36% 8.33%
Total Long-Term Liabilities $871.1M $897.0M
YoY Change 7.64% 3.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.20M $62.00M
Total Long-Term Liabilities $871.1M $897.0M
Total Liabilities $933.3M $958.5M
YoY Change 7.38% 3.66%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $68.00K $68.00K
YoY Change 1.49% 1.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.554B $1.572B
YoY Change
Total Liabilities & Shareholders Equity $2.487B $2.530B
YoY Change 0.58% -0.53%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $2.890M -$822.0K
YoY Change -4761.29% -187.82%
Depreciation, Depletion And Amortization $28.13M $30.30M
YoY Change 17.71% 26.14%
Cash From Operating Activities $29.82M $36.30M
YoY Change 19.73% -2.93%
INVESTING ACTIVITIES
Capital Expenditures $8.103M $8.400M
YoY Change -90.52% -240.3%
Acquisitions
YoY Change
Other Investing Activities $4.485M $10.10M
YoY Change -79.78% -832.95%
Cash From Investing Activities -$3.518M $1.600M
YoY Change -94.44% -121.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.60M -14.60M
YoY Change -24.15% -116.12%
NET CHANGE
Cash From Operating Activities 29.82M 36.30M
Cash From Investing Activities -3.518M 1.600M
Cash From Financing Activities -30.60M -14.60M
Net Change In Cash -4.299M 23.30M
YoY Change -94.54% -80.68%
FREE CASH FLOW
Cash From Operating Activities $29.82M $36.30M
Capital Expenditures $8.103M $8.400M
Free Cash Flow $21.72M $27.90M
YoY Change -135.84% -35.69%

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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedPropertyPlantandEquipmentNet
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AcquisitionAccountsPayableAcquiredLeaseIntangiblesandOtherLiabilities
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AcquisitionAccountsPayableAcquiredLeaseIntangiblesandOtherLiabilities
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CashOutflowforPurchaseofInvestmentProperties
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ivt Asset Acquisition Transaction Costs Capitalized Duringthe Period
AssetAcquisitionTransactionCostsCapitalizedDuringthePeriod
150000 usd
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AssetAcquisitionTransactionCostsCapitalizedDuringthePeriod
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ivt Creditsand Other Changesin Cash Outflow Net
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us-gaap Business Combination Consideration Transferred1
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244000000 usd
us-gaap Business Combination Consideration Transferred1
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238470000 usd
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10086000 usd
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17792000 usd
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544000 usd
CY2023Q3 ivt Disposition Accounts Payable Acquired Lease Intangiblesand Other Liabilities
DispositionAccountsPayableAcquiredLeaseIntangiblesandOtherLiabilities
-515000 usd
CY2022Q3 ivt Disposition Accounts Payable Acquired Lease Intangiblesand Other Liabilities
DispositionAccountsPayableAcquiredLeaseIntangiblesandOtherLiabilities
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us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
2691000 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
36856000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
12559000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
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ivt Creditand Other Changesin Cash Inflow Net
CreditandOtherChangesinCashInflowNet
583000 usd
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CreditandOtherChangesinCashInflowNet
1174000 usd
ivt Discontinued Operation Gross Disposition Price
DiscontinuedOperationGrossDispositionPrice
13142000 usd
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DiscontinuedOperationGrossDispositionPrice
55450000 usd
CY2023Q3 ivt Number Of Equity Method Investments
NumberOfEquityMethodInvestments
1 unconsolidated_entity
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NumberofManagedAssets
0 property
ivt Numberof Managed Assets
NumberofManagedAssets
5 property
CY2023Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
0 sqft
CY2022Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
1386000 sqft
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
46851000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
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CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
169137000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
150047000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
117541000 usd
CY2023Q3 ivt Lessor Operating Lease Paymentstobe Received After Year Four
LessorOperatingLeasePaymentstobeReceivedAfterYearFour
406269000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received
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CY2023Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
41559000 usd
CY2022Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
36535000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
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us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
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CY2023Q3 ivt Provision For Reversal Of Uncollectible Straight Line Rent Net
ProvisionForReversalOfUncollectibleStraightLineRentNet
107000 usd
CY2022Q3 ivt Provision For Reversal Of Uncollectible Straight Line Rent Net
ProvisionForReversalOfUncollectibleStraightLineRentNet
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ProvisionForReversalOfUncollectibleStraightLineRentNet
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CY2023Q3 ivt Provision For Uncollectible Billed Rent And Recoveries
ProvisionForUncollectibleBilledRentAndRecoveries
461000 usd
CY2022Q3 ivt Provision For Uncollectible Billed Rent And Recoveries
ProvisionForUncollectibleBilledRentAndRecoveries
260000 usd
ivt Provision For Uncollectible Billed Rent And Recoveries
ProvisionForUncollectibleBilledRentAndRecoveries
927000 usd
ivt Provision For Uncollectible Billed Rent And Recoveries
ProvisionForUncollectibleBilledRentAndRecoveries
640000 usd
CY2023Q3 us-gaap Lease Income
LeaseIncome
63716000 usd
CY2022Q3 us-gaap Lease Income
LeaseIncome
57859000 usd
us-gaap Lease Income
LeaseIncome
192814000 usd
us-gaap Lease Income
LeaseIncome
174562000 usd
ivt Asset Acquisition Transaction Costs Capitalized Duringthe Period
AssetAcquisitionTransactionCostsCapitalizedDuringthePeriod
886000 usd
CY2023Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
24900000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
1400000 usd
CY2021Q3 ivt Number Of Tranches
NumberOfTranches
2 tranche
CY2023Q3 ivt Number Of Interest Rate Forward Swaps
NumberOfInterestRateForwardSwaps
4 interest_rate_swap
CY2023Q3 ivt Number Of Interest Rate Forward Swaps
NumberOfInterestRateForwardSwaps
4 interest_rate_swap
CY2023Q1 ivt Number Of Interest Rate Forward Swaps
NumberOfInterestRateForwardSwaps
1 interest_rate_swap
CY2023Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0388
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
838548000 usd
CY2022Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0408
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
759812000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4342000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
5261000 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
834206000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
754551000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
12779000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-822000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
936000 usd
us-gaap Net Income Loss
NetIncomeLoss
2379000 usd
us-gaap Net Income Loss
NetIncomeLoss
52358000 usd
CY2023Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
CY2022Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0 usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-63000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-822000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-822000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
936000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
936000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2379000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2379000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
52295000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
52295000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67531335 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67427571 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67521110 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67398713 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
119688 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
199375 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
159602 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67531335 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67547259 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67720485 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67558315 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.78
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.77
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
517000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
529000 usd
CY2023Q3 ivt Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1308000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3833000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
714000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2341000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1527000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6610000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3929000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
340000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
628000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
511000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3119000 usd

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