2014 Q1 Form 10-Q Financial Statement

#000147409814000029 Filed on April 24, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $125.7M $104.9M
YoY Change 19.82% 35.42%
Cost Of Revenue $84.60M $75.00M
YoY Change 12.8% 29.09%
Gross Profit $41.10M $29.90M
YoY Change 37.46% 54.12%
Gross Profit Margin 32.69% 28.5%
Selling, General & Admin $14.50M $10.90M
YoY Change 33.03% 36.25%
% of Gross Profit 35.28% 36.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.90M $13.20M
YoY Change 20.45% 36.08%
% of Gross Profit 38.69% 44.15%
Operating Expenses $30.30M $24.10M
YoY Change 25.73% 36.16%
Operating Profit $10.49M $4.887M
YoY Change 114.69% 242.47%
Interest Expense $6.075M $5.458M
YoY Change 11.3% 67.58%
% of Operating Profit 57.9% 111.68%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $1.787M -$2.844M
YoY Change -162.83% -47.53%
Income Tax -$2.334M -$2.598M
% Of Pretax Income -130.61%
Net Earnings $4.078M -$248.0K
YoY Change -1744.35% -91.11%
Net Earnings / Revenue 3.24% -0.24%
Basic Earnings Per Share -$0.03 -$0.08
Diluted Earnings Per Share -$0.03 -$0.08
COMMON SHARES
Basic Shares Outstanding 63.76M shares 61.00M shares
Diluted Shares Outstanding 63.76M shares 61.00M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.30M $115.6M
YoY Change -61.68% 217.58%
Cash & Equivalents $44.29M $115.6M
Short-Term Investments
Other Short-Term Assets $35.60M $19.00M
YoY Change 87.37% 0.53%
Inventory
Prepaid Expenses
Receivables $19.80M $20.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $99.70M $154.9M
YoY Change -35.64% 119.72%
LONG-TERM ASSETS
Property, Plant & Equipment $1.732B $1.546B
YoY Change 12.03% 35.08%
Goodwill
YoY Change
Intangibles $19.16M $10.23M
YoY Change 87.31% -2.11%
Long-Term Investments $255.6M $276.4M
YoY Change -7.52% 64.34%
Other Assets $18.70M $18.80M
YoY Change -0.53% 50.4%
Total Long-Term Assets $2.006B $1.841B
YoY Change 8.97% 38.94%
TOTAL ASSETS
Total Short-Term Assets $99.70M $154.9M
Total Long-Term Assets $2.006B $1.841B
Total Assets $2.106B $1.996B
YoY Change 5.51% 43.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.00M $48.00M
YoY Change 29.17% 50.94%
Accrued Expenses $1.900M $1.900M
YoY Change 0.0% 111.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $94.00M $71.60M
YoY Change 31.28% 46.12%
LONG-TERM LIABILITIES
Long-Term Debt $551.4M $537.8M
YoY Change 2.53% 154.76%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $551.4M $537.8M
YoY Change 2.53% 154.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.00M $71.60M
Total Long-Term Liabilities $551.4M $537.8M
Total Liabilities $645.4M $609.5M
YoY Change 5.89% 134.31%
SHAREHOLDERS EQUITY
Retained Earnings -$86.56M -$64.54M
YoY Change 34.12% 47.41%
Common Stock $638.0K $610.0K
YoY Change 4.59% 16.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.458B $1.386B
YoY Change
Total Liabilities & Shareholders Equity $2.106B $1.996B
YoY Change 5.51% 43.02%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $4.078M -$248.0K
YoY Change -1744.35% -91.11%
Depreciation, Depletion And Amortization $15.90M $13.20M
YoY Change 20.45% 36.08%
Cash From Operating Activities $19.35M $10.68M
YoY Change 81.11% 0.83%
INVESTING ACTIVITIES
Capital Expenditures -$7.500M -$57.00M
YoY Change -86.84% 235.29%
Acquisitions
YoY Change
Other Investing Activities -$3.300M $3.500M
YoY Change -194.29% -229.63%
Cash From Investing Activities -$10.80M -$53.47M
YoY Change -79.81% 171.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $632.0K $523.0K
YoY Change 20.84% -101.63%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$19.40M $72.52M
YoY Change -126.75% -459.16%
NET CHANGE
Cash From Operating Activities $19.35M $10.68M
Cash From Investing Activities -$10.80M -$53.47M
Cash From Financing Activities -$19.40M $72.52M
Net Change In Cash -$10.85M $29.73M
YoY Change -136.48% -201.41%
FREE CASH FLOW
Cash From Operating Activities $19.35M $10.68M
Capital Expenditures -$7.500M -$57.00M
Free Cash Flow $26.85M $67.68M
YoY Change -60.33% 145.27%

Facts In Submission

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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
100000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
100000 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
105000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-116000 USD
CY2014Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
34416000 USD
CY2013Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
28852000 USD
CY2013Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
3276000 USD
CY2014Q1 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
3471000 USD
CY2014Q1 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
9695000 USD
CY2013Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
4456000 USD
CY2013Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
15296000 USD
CY2014Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
6081000 USD
CY2013Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
0 USD
CY2014Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
6000000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
632000 USD
CY2013Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
523000 USD
CY2013Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
7388000 USD
CY2014Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
10314000 USD
CY2013Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
303000 USD
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2013Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3036000 USD
CY2014Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
73000 USD
CY2014Q1 us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
0 USD
CY2013Q1 us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
41716000 USD
CY2013Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
-3307000 USD
CY2014Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
CY2013Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
6000 USD
CY2014Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
15000 USD
CY2013Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
4668000 USD
CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6081000 USD
CY2014Q1 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
325000000 USD
CY2013Q4 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
325000000 USD
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2014Q1 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
25.00
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
13000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
13000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
13000000 shares
CY2014Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
13000000 shares
CY2014Q1 us-gaap Preferred Stock Value
PreferredStockValue
130000 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
130000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
26595000 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
35601000 USD
CY2013Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
CY2014Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
1000000 USD
CY2013Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
90000000 USD
CY2014Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
4121000 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
-246000 USD
CY2014Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
147813000 USD
CY2013Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
132328000 USD
CY2014Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1860358000 USD
CY2013Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1849939000 USD
CY2013Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1717611000 USD
CY2014Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1712545000 USD
CY2013Q1 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
5591000 USD
CY2014Q1 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
6723000 USD
CY2014Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
2299000 USD
CY2013Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1772000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
16482000 USD
CY2014Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
14384000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-86560000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-69652000 USD
CY2013Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
104914000 USD
CY2014Q1 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
125712000 USD
CY2013Q4 us-gaap Secured Debt
SecuredDebt
454247000 USD
CY2014Q1 us-gaap Secured Debt
SecuredDebt
451410000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1230000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2614000 USD
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P6Y
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
940553 shares
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
1457974000 USD
CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1460292000 USD
CY2013Q1 us-gaap Stock Issued1
StockIssued1
207000 USD
CY2014Q1 us-gaap Stock Issued1
StockIssued1
421000 USD
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-73000 USD
CY2013Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
86965000 USD
CY2013Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
523000 USD
CY2014Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
632000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1473339000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1475084000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1313092000 USD
CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1386276000 USD
CY2013Q1 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
0 USD
CY2014Q1 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
0 USD
CY2014Q1 us-gaap Unsecured Debt
UnsecuredDebt
100000000 USD
CY2013Q4 us-gaap Unsecured Debt
UnsecuredDebt
100000000 USD
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management&#8217;s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.</font></div></div>
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60996196 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63762930 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60996196 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63762930 shares
CY2013Q1 peb Accrued Additions And Improvements To Hotel Properties
AccruedAdditionsAndImprovementsToHotelProperties
1229000 USD
CY2014Q1 peb Accrued Additions And Improvements To Hotel Properties
AccruedAdditionsAndImprovementsToHotelProperties
2901000 USD
CY2014Q1 peb Combined Base And Incentive Management Fees
CombinedBaseAndIncentiveManagementFees
3900000 USD
CY2013Q1 peb Combined Base And Incentive Management Fees
CombinedBaseAndIncentiveManagementFees
3200000 USD
CY2013Q1 peb Deposit Applied To Purchase Price Of Acquisition
DepositAppliedToPurchasePriceOfAcquisition
4000000 USD
CY2014Q1 peb Deposit Applied To Purchase Price Of Acquisition
DepositAppliedToPurchasePriceOfAcquisition
0 USD
CY2013Q4 peb Furniture Fixtures And Equipment
FurnitureFixturesAndEquipment
135547000 USD
CY2014Q1 peb Estimated Effective Tax Rate Combined Federal And State
EstimatedEffectiveTaxRateCombinedFederalAndState
0.390
CY2014Q1 peb Furniture Fixtures And Equipment
FurnitureFixturesAndEquipment
137962000 USD
CY2014Q1 peb Line Of Credit Facility Maturity Extension Option
LineOfCreditFacilityMaturityExtensionOption
P1Y
CY2014Q1 peb Long Term Incentive Partnership Units Outstanding
LongTermIncentivePartnershipUnitsOutstanding
607991 shares
CY2013Q4 peb Long Term Incentive Partnership Units Outstanding
LongTermIncentivePartnershipUnitsOutstanding
607991 shares
CY2014Q1 peb Long Term Incentive Partnership Units Vested
LongTermIncentivePartnershipUnitsVested
195290 shares
CY2014Q1 peb Minimum Percentage Of Adjusted Taxable Income To Be Distributed To Shareholders As Real Estate Investment Trust
MinimumPercentageOfAdjustedTaxableIncomeToBeDistributedToShareholdersAsRealEstateInvestmentTrust
0.9
CY2014Q1 peb Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-2128000 USD
CY2013Q1 peb Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-4995000 USD
CY2014Q1 peb Noncash Income Loss From Equity Method Investments
NoncashIncomeLossFromEquityMethodInvestments
-3833000 USD
CY2013Q1 peb Noncash Income Loss From Equity Method Investments
NoncashIncomeLossFromEquityMethodInvestments
-2907000 USD
CY2014Q1 peb Number Of Guest Rooms
NumberOfGuestRooms
5546
CY2014Q1 peb Number Of Wholly Owned Real Estate Properties
NumberOfWhollyOwnedRealEstateProperties
23 properties
CY2014Q1 peb Reserve Funds As Percentage Of Hotel Revenues
ReserveFundsAsPercentageOfHotelRevenues
0.040
CY2014Q1 peb Share Value Issued For Board Of Trustees Compensation
ShareValueIssuedForBoardOfTrusteesCompensation
421000 USD
CY2013Q1 peb Share Value Issued For Board Of Trustees Compensation
ShareValueIssuedForBoardOfTrusteesCompensation
207000 USD
CY2011Q3 peb Transaction Values Of Investment In Joint Venture
TransactionValuesOfInvestmentInJointVenture
908000000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001474098
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
63895085 shares
CY2014Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Pebblebrook Hotel Trust
CY2014Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
100000000 USD

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