$ONL
Orion Office REIT Inc.

2023 Q3 Form 10-Q Financial Statement

#000187392323000078 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $49.08M $52.02M
YoY Change -5.2% -1.56%
Cost Of Revenue $15.51M $15.49M
YoY Change 1.35% 2.18%
Gross Profit $33.37M $36.34M
YoY Change -8.01% -3.11%
Gross Profit Margin 68.0% 69.85%
Selling, General & Admin $4.370M $4.565M
YoY Change -6.46% 38.71%
% of Gross Profit 13.1% 12.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.01M $27.88M
YoY Change -17.37% -17.59%
% of Gross Profit 80.95% 76.72%
Operating Expenses $42.34M $44.10M
YoY Change -48.45% -1.64%
Operating Profit -$8.970M -$7.759M
YoY Change -80.44% 5.91%
Interest Expense -$7.290M -$7.117M
YoY Change -7.39% -7.94%
% of Operating Profit
Other Income/Expense, Net -$7.033M -$7.656M
YoY Change 0.89% -2.76%
Pretax Income -$16.35M -$15.53M
YoY Change -69.08% 0.8%
Income Tax $160.0K $185.0K
% Of Pretax Income
Net Earnings -$16.52M -$15.73M
YoY Change -68.86% 1.02%
Net Earnings / Revenue -33.66% -30.24%
Basic Earnings Per Share -$0.29 -$0.28
Diluted Earnings Per Share -$0.29 -$0.28
COMMON SHARES
Basic Shares Outstanding 56.70M shares 56.66M shares
Diluted Shares Outstanding 56.54M shares 56.68M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.30M $42.21M
YoY Change 38.73% 118.7%
Cash & Equivalents $32.29M $42.21M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $26.90M $24.96M
Other Receivables $0.00 $0.00
Total Short-Term Assets $59.20M $67.17M
YoY Change 30.96% 49.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.202B $1.218B
YoY Change -6.1% -9.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.12M $14.73M
YoY Change -14.63% -14.8%
Other Assets $82.40M $62.52M
YoY Change 70.95% 21.97%
Total Long-Term Assets $1.445B $1.461B
YoY Change -8.32% -12.47%
TOTAL ASSETS
Total Short-Term Assets $59.20M $67.17M
Total Long-Term Assets $1.445B $1.461B
Total Assets $1.504B $1.528B
YoY Change -7.23% -10.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.40M $1.061M
YoY Change 1337.77% -32.85%
Accrued Expenses $17.20M $21.27M
YoY Change -18.51% 39.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.20M $28.00M
YoY Change 30.68% 24.33%
LONG-TERM LIABILITIES
Long-Term Debt $527.7M $527.5M
YoY Change -5.17% -11.48%
Other Long-Term Liabilities $31.30M $34.68M
YoY Change -14.7% -8.07%
Total Long-Term Liabilities $559.0M $562.2M
YoY Change -5.76% -11.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.20M $28.00M
Total Long-Term Liabilities $559.0M $562.2M
Total Liabilities $595.1M $590.2M
YoY Change -4.15% -10.06%
SHAREHOLDERS EQUITY
Retained Earnings -$237.0M -$214.9M
YoY Change 53.64% 124.91%
Common Stock $56.00K $57.00K
YoY Change -1.75% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $907.8M $936.3M
YoY Change
Total Liabilities & Shareholders Equity $1.504B $1.528B
YoY Change -7.23% -10.85%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$16.52M -$15.73M
YoY Change -68.86% 1.02%
Depreciation, Depletion And Amortization $27.01M $27.88M
YoY Change -17.37% -17.59%
Cash From Operating Activities $25.70M $32.48M
YoY Change -24.68% 37.38%
INVESTING ACTIVITIES
Capital Expenditures $6.000M $3.606M
YoY Change -251.4% -326.37%
Acquisitions
YoY Change
Other Investing Activities $14.30M $925.0K
YoY Change -26.16% -77.5%
Cash From Investing Activities $8.300M -$2.681M
YoY Change -46.11% -206.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.70M -11.33M
YoY Change -76.57% -55.85%
NET CHANGE
Cash From Operating Activities 25.70M 32.48M
Cash From Investing Activities 8.300M -2.681M
Cash From Financing Activities -10.70M -11.33M
Net Change In Cash 23.30M 18.47M
YoY Change 503.31% 3615.69%
FREE CASH FLOW
Cash From Operating Activities $25.70M $32.48M
Capital Expenditures $6.000M $3.606M
Free Cash Flow $19.70M $28.87M
YoY Change -48.27% 14.41%

Facts In Submission

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us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of 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 differ from those estimates. Management makes significant estimates regarding real estate investment impairments.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Acquisition, disposition and leasing deal related costs incurred by the Company, previously included in the acquisition related line on the consolidated statements of operations, have been presented in the transaction related line for prior periods presented to be consistent with the current period presentation. Spin related costs are costs incurred by the Company in connection with the Separation and the Distribution. These costs were previously included in the transaction costs line on the consolidated statements of operations and have been presented in the spin related line for all prior periods presented to be consistent with the current period presentation. These reclassifications had no effect on the reported results of operations.</span></div>
us-gaap Provision For Doubtful Accounts
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CY2022Q2 us-gaap Provision For Doubtful Accounts
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IncomeFromTerminationOfLease
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onl Income From Termination Of Lease
IncomeFromTerminationOfLease
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CY2023Q2 us-gaap Property Management Fee Revenue
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us-gaap Property Management Fee Revenue
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34700000 usd
CY2022Q4 us-gaap Restricted Cash
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RealEstateInvestmentNumberOfAcquisitions
0 acquistion
CY2023Q2 onl Real Estate Investment Number Of Acquisitions
RealEstateInvestmentNumberOfAcquisitions
0 acquistion
onl Number Of Property Held For Sale
NumberOfPropertyHeldForSale
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CY2023Q2 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
16300000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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BelowMarketLeaseAccumulatedAmortization
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BelowMarketLeaseAccumulatedAmortization
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onl Below Market Lease Weighted Average Useful Life
BelowMarketLeaseWeightedAverageUsefulLife
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CY2023Q2 us-gaap Below Market Lease Net
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100000 usd
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AmortizationOfLeaseIncentives
200000 usd
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571000 usd
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100000 usd
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AmortizationOfBelowMarketLease
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NumberOfImpairedProperties
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us-gaap Impairment Of Real Estate
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us-gaap Impairment Of Real Estate
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NumberOfImpairedProperties
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CY2023Q2 onl Impaired Real Estate Properties Fair Value
ImpairedRealEstatePropertiesFairValue
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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onl Accrued Distributions
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onl Accrued Distributions
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onl Land Acquired Upon Finance Lease Termination
LandAcquiredUponFinanceLeaseTermination
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LandAcquiredUponFinanceLeaseTermination
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AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
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AccountsPayableCurrentAndNoncurrent
1061000 usd
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AccountsPayableCurrentAndNoncurrent
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InterestPayableCurrentAndNoncurrent
668000 usd
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1810000 usd
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LessorOperatingLeaseCommitmentOutstandingTenantImprovementAllowance
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CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2023Q2 us-gaap Profit Loss
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CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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onl-20230630_cal.xml Edgar Link unprocessable
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