$PSMT
PRICESMART INC

2022 Q4 Form 10-Q Financial Statement

#000104180323000007 Filed on January 09, 2023

View on sec.gov

Income Statement

Concept 2022 Q4
Revenue $1.055B
YoY Change 8.15%
Cost Of Revenue $869.1M
YoY Change 7.95%
Gross Profit $185.7M
YoY Change 9.08%
Gross Profit Margin 17.61%
Selling, General & Admin $130.1M
YoY Change 5.01%
% of Gross Profit 70.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.57M
YoY Change 12.59%
% of Gross Profit 9.46%
Operating Expenses $130.1M
YoY Change 5.01%
Operating Profit $55.53M
YoY Change 20.67%
Interest Expense $2.749M
YoY Change 72.89%
% of Operating Profit 4.95%
Other Income/Expense, Net -$4.566M
YoY Change -424.06%
Pretax Income $49.37M
YoY Change 6.5%
Income Tax $16.43M
% Of Pretax Income 33.27%
Net Earnings $32.91M
YoY Change 7.85%
Net Earnings / Revenue 3.12%
Basic Earnings Per Share $1.05
Diluted Earnings Per Share $1.05
COMMON SHARES
Basic Shares Outstanding 30.90M
Diluted Shares Outstanding 30.72M

Balance Sheet

Concept 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $276.9M
YoY Change 28.61%
Cash & Equivalents $267.9M
Short-Term Investments $8.920M
Other Short-Term Assets $30.59M
YoY Change -9.93%
Inventory $510.1M
Prepaid Expenses
Receivables $18.76M
Other Receivables $17.02M
Total Short-Term Assets $853.3M
YoY Change 9.06%
LONG-TERM ASSETS
Property, Plant & Equipment $756.7M
YoY Change 3.2%
Goodwill $43.17M
YoY Change -0.37%
Intangibles
YoY Change
Long-Term Investments $10.50M
YoY Change -0.35%
Other Assets $77.24M
YoY Change 20.97%
Total Long-Term Assets $1.035B
YoY Change 2.75%
TOTAL ASSETS
Total Short-Term Assets $853.3M
Total Long-Term Assets $1.035B
Total Assets $1.888B
YoY Change 5.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $446.6M
YoY Change -3.14%
Accrued Expenses $81.43M
YoY Change 6.87%
Deferred Revenue
YoY Change
Short-Term Debt $11.05M
YoY Change 121.62%
Long-Term Debt Due $33.28M
YoY Change 97.59%
Total Short-Term Liabilities $611.6M
YoY Change 2.93%
LONG-TERM LIABILITIES
Long-Term Debt $118.5M
YoY Change 7.15%
Other Long-Term Liabilities $8.773M
YoY Change -9.52%
Total Long-Term Liabilities $127.3M
YoY Change 5.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $611.6M
Total Long-Term Liabilities $127.3M
Total Liabilities $861.6M
YoY Change 1.7%
SHAREHOLDERS EQUITY
Retained Earnings $769.8M
YoY Change 11.66%
Common Stock $485.1M
YoY Change 3.39%
Preferred Stock
YoY Change
Treasury Stock (at cost) $32.40M
YoY Change 16.46%
Treasury Stock Shares $807.1K
Shareholders Equity $1.026B
YoY Change
Total Liabilities & Shareholders Equity $1.888B
YoY Change 5.51%

Cashflow Statement

Concept 2022 Q4
OPERATING ACTIVITIES
Net Income $32.91M
YoY Change 7.85%
Depreciation, Depletion And Amortization $17.57M
YoY Change 12.59%
Cash From Operating Activities $30.46M
YoY Change -328.38%
INVESTING ACTIVITIES
Capital Expenditures $23.94M
YoY Change -19.46%
Acquisitions
YoY Change
Other Investing Activities $2.451M
YoY Change -86.14%
Cash From Investing Activities -$21.49M
YoY Change 78.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.113M
YoY Change -16.54%
Cash From Financing Activities 14.72M
YoY Change 1128.63%
NET CHANGE
Cash From Operating Activities 30.46M
Cash From Investing Activities -21.49M
Cash From Financing Activities 14.72M
Net Change In Cash 30.32M
YoY Change -232.5%
FREE CASH FLOW
Cash From Operating Activities $30.46M
Capital Expenditures $23.94M
Free Cash Flow $6.519M
YoY Change -115.14%

Facts In Submission

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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">PriceSmart, Inc.’s (“PriceSmart,” the “Company,” or "we") business consists primarily of international membership</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">shopping warehouse clubs similar to, but typically smaller in size than, warehouse clubs in the United States. As of November 30, 2022, the Company had </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">50</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> warehouse clubs in operation in </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">12</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> countries and </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">one</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> U.S. territory (</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">nine</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> in Colombia; </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">eight</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> in Costa Rica; </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">seven</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> in Panama; </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">five</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> in the Dominican Republic and Guatemala, </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">four</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> in Trinidad; </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">three</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> in Honduras; </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">two</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> each in El Salvador, Jamaica, and Nicaragua; and </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">one</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> each in Aruba, Barbados, and the United States Virgin Islands), of which the Company owns </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">100</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% of the corresponding legal entities (see Note 2 - Summary of Significant Accounting Policies). The Company plans to open a warehouse club in San Miguel, El Salvador in the spring of 2023 and a warehouse club in Medellín, Colombia in the summer of 2023. Once these </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">two</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> new clubs are open, the Company will operate </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">52</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> warehouse clubs. Our operating segments are the United States, Central America, the Caribbean, and Colombia.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">PriceSmart continues to invest in technology and talent to support the following three major drivers of growth:</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.53in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.16in;"><span style="white-space:pre-wrap; display: inline-block;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;text-indent: 0;width: 0.158in;">1.</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Expand Real Estate Footprint with New Clubs and Distribution Facilities;</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.53in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.16in;"><span style="white-space:pre-wrap; display: inline-block;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;text-indent: 0;width: 0.158in;">2.</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Increase Membership Value; and</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.53in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.16in;"><span style="white-space:pre-wrap; display: inline-block;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;text-indent: 0;width: 0.158in;">3.</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Drive Incremental Sales via PriceSmart.com and Enhanced Online, Digital and Technological Capabilities.</span></p>
CY2022Q4 us-gaap Number Of Stores
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Actual results could differ from those estimates and assumptions.</span>
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CY2022Q4 psmt Number Of Countries Where Method Of Computing Minimum Tax Payments Has Changed
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CY2022Q4 us-gaap Number Of Countries In Which Entity Operates
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CY2022Q4 psmt Platinum Membership Annual Fee
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CY2022Q4 psmt Platinum Membership Rebate
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CY2022Q4 psmt Platinum Membership Recorded Liability
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CY2022Q4 psmt Platinum Membership Redemption Rate
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CY2021Q4 us-gaap Net Income Loss
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CY2021Q4 us-gaap Earnings Per Share Basic
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CY2021Q4 us-gaap Earnings Per Share Diluted
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CY2021Q4 psmt Other Comprehensive Income Adjustment Sale Of Investments
OtherComprehensiveIncomeAdjustmentSaleOfInvestments
-254000
CY2022 psmt Other Comprehensive Income Adjustment Sale Of Investments
OtherComprehensiveIncomeAdjustmentSaleOfInvestments
-254000
CY2022Q4 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
8750000
CY2022Q3 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
8648000
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1100000
CY2022Q4 us-gaap Contractual Obligation
ContractualObligation
15800000
CY2022Q3 us-gaap Contractual Obligation
ContractualObligation
16500000
CY2022Q4 us-gaap Purchase Options Land
PurchaseOptionsLand
9700000
CY2022Q4 psmt Variable Interest Entity Reporting Entity Involvement Intial Contirbution
VariableInterestEntityReportingEntityInvolvementIntialContirbution
6809000
CY2022Q4 psmt Variable Interest Entity Reporting Entity Involvement Additional Contributions Since Inception
VariableInterestEntityReportingEntityInvolvementAdditionalContributionsSinceInception
3638000
CY2022Q4 psmt Variable Interest Entity Reporting Entity Involvement Net Income Loss Since Inception
VariableInterestEntityReportingEntityInvolvementNetIncomeLossSinceInception
50000
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
10497000
CY2022Q4 psmt Variable Interest Entity Reporting Entity Involvement Commitment To Future Contributions
VariableInterestEntityReportingEntityInvolvementCommitmentToFutureContributions
884000
CY2022Q4 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
11381000
CY2022Q4 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0025
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
33715000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
103556000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
137271000
CY2022Q4 psmt Proceeds From Issuance Of Long Term Debt Noncurrent
ProceedsFromIssuanceOfLongTermDebtNoncurrent
19914000
CY2022Q4 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
19914000
CY2022Q4 psmt Repayments Of Long Term Debt Current
RepaymentsOfLongTermDebtCurrent
713000
CY2022Q4 psmt Repayments Of Long Term Debt Noncurrent
RepaymentsOfLongTermDebtNoncurrent
4400000
CY2022Q4 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5113000
CY2022Q4 psmt Reclassification Of Long Term Debt Current
ReclassificationOfLongTermDebtCurrent
280000
CY2022Q4 psmt Reclassification Of Long Term Debt Noncurrent
ReclassificationOfLongTermDebtNoncurrent
-280000
CY2022Q4 psmt Translation Adjustment On Foreign Currency Debt Current
TranslationAdjustmentOnForeignCurrencyDebtCurrent
-2000
CY2022Q4 psmt Translation Adjustment On Foreign Currency Debt Noncurrent
TranslationAdjustmentOnForeignCurrencyDebtNoncurrent
-285000
CY2022Q4 psmt Translation Adjustment On Foreign Currency Debt
TranslationAdjustmentOnForeignCurrencyDebt
-287000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
33280000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
118505000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
151785000
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
939642000
CY2021Q4 us-gaap Goodwill
Goodwill
43332000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
33280000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
34343000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
18302000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
14157000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
34676000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
17027000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
151785000
CY2022Q4 us-gaap Number Of Stores
NumberOfStores
50
CY2022Q4 us-gaap Revenues
Revenues
1054806000
CY2022Q4 us-gaap Depreciation
Depreciation
17184000
CY2022Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
384000
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
55527000
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
32905000
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
964034000
CY2022Q4 us-gaap Goodwill
Goodwill
43173000
CY2022Q4 us-gaap Assets
Assets
1887920000
CY2022Q4 psmt Property Plant And Equipment Additions Disposals
PropertyPlantAndEquipmentAdditionsDisposals
25419000
CY2021Q4 us-gaap Revenues
Revenues
975356000
CY2021Q4 us-gaap Depreciation
Depreciation
15147000
CY2021Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
456000
CY2021Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
46017000
CY2022Q3 us-gaap Assets
Assets
1808400000

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