2023 Q4 Form 10-Q Financial Statement

#000140762323000100 Filed on October 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $84.65M $81.75M
YoY Change 5.56% 4.75%
Cost Of Revenue $14.17M $13.21M
YoY Change 4.3% 3.97%
Gross Profit $70.48M $68.54M
YoY Change 5.82% 4.91%
Gross Profit Margin 83.26% 83.85%
Selling, General & Admin $14.02M $14.40M
YoY Change -2.82% 2.28%
% of Gross Profit 19.9% 21.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.93M $27.05M
YoY Change 7.49% 11.17%
% of Gross Profit 38.21% 39.47%
Operating Expenses $41.37M $54.82M
YoY Change 4.3% 7.01%
Operating Profit $29.11M $26.93M
YoY Change 8.05% -21.87%
Interest Expense -$20.60M $18.00M
YoY Change 28.36% 22.62%
% of Operating Profit -70.76% 66.84%
Other Income/Expense, Net
YoY Change
Pretax Income $8.511M $8.930M
YoY Change -21.87% -54.87%
Income Tax
% Of Pretax Income
Net Earnings $7.924M $8.428M
YoY Change -21.54% -54.5%
Net Earnings / Revenue 9.36% 10.31%
Basic Earnings Per Share $0.07
Diluted Earnings Per Share $0.06 $0.07
COMMON SHARES
Basic Shares Outstanding 126.0M shares 126.0M shares
Diluted Shares Outstanding 133.2M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.302M $205.3M
YoY Change 12.58% 2659.78%
Cash & Equivalents $6.302M $205.3M
Short-Term Investments
Other Short-Term Assets $3.354M $1.600M
YoY Change -43.7% 6.38%
Inventory
Prepaid Expenses
Receivables $61.19M $58.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $70.85M $265.8M
YoY Change 2.53% 321.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.828B $2.818B
YoY Change -0.69% -1.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.41M $30.80M
YoY Change 3.03% 13.16%
Total Long-Term Assets $2.907B $2.901B
YoY Change -0.97% -1.27%
TOTAL ASSETS
Total Short-Term Assets $70.85M $265.8M
Total Long-Term Assets $2.907B $2.901B
Total Assets $2.978B $3.167B
YoY Change -0.89% 5.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.60M $64.50M
YoY Change 121.1% 13.99%
Accrued Expenses $16.42M $16.50M
YoY Change -1.66% -2.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $75.23M $89.00M
YoY Change 59.09% 9.86%
LONG-TERM LIABILITIES
Long-Term Debt $1.378B $1.553B
YoY Change -1.19% 14.3%
Other Long-Term Liabilities $160.8M $165.4M
YoY Change -9.33% -3.2%
Total Long-Term Liabilities $1.539B $1.718B
YoY Change -2.11% 12.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $75.23M $89.00M
Total Long-Term Liabilities $1.539B $1.718B
Total Liabilities $1.614B $1.807B
YoY Change -0.32% 12.21%
SHAREHOLDERS EQUITY
Retained Earnings -$357.2M -$346.3M
YoY Change 13.03% 12.64%
Common Stock $13.00K $13.00K
YoY Change 8.33% 8.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.287B $1.284B
YoY Change
Total Liabilities & Shareholders Equity $2.978B $3.167B
YoY Change -0.89% 5.51%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $7.924M $8.428M
YoY Change -21.54% -54.5%
Depreciation, Depletion And Amortization $26.93M $27.05M
YoY Change 7.49% 11.17%
Cash From Operating Activities $23.18M $51.10M
YoY Change 45.03% -8.03%
INVESTING ACTIVITIES
Capital Expenditures $38.28M $14.00M
YoY Change 183.85% -118.31%
Acquisitions
YoY Change
Other Investing Activities -$8.000K $100.0K
YoY Change -136.36% -99.71%
Cash From Investing Activities -$38.29M -$13.90M
YoY Change 184.37% -66.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -184.0M 163.0M
YoY Change 3994.97% -1518.01%
NET CHANGE
Cash From Operating Activities 23.18M 51.10M
Cash From Investing Activities -38.29M -13.90M
Cash From Financing Activities -184.0M 163.0M
Net Change In Cash -199.1M 200.2M
YoY Change 9972.89% 9552.84%
FREE CASH FLOW
Cash From Operating Activities $23.18M $51.10M
Capital Expenditures $38.28M $14.00M
Free Cash Flow -$15.10M $37.10M
YoY Change -705.41% -71.9%

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CashAndCashEquivalentsAtCarryingValue
205260000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7439000 usd
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2252000 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1997000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
207512000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9436000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="text-align:justify"><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 GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the recoverability of assets to be held and used, purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, and the valuation of performance-based restricted stock, LTIP Units (as defined below), and derivatives. Actual results could differ from these estimates.</span></div>
CY2023Q3 roic Taxable Income Minimum Distribution Portion Not Subject To Federal Taxation Percentage
TaxableIncomeMinimumDistributionPortionNotSubjectToFederalTaxationPercentage
0.90
CY2023Q3 roic Taxable Income Minimum Distribution Portion Not Subject To Federal Taxation Percentage
TaxableIncomeMinimumDistributionPortionNotSubjectToFederalTaxationPercentage
0.90
us-gaap Real Estate Improvements
RealEstateImprovements
38700000 usd
us-gaap Real Estate Improvements
RealEstateImprovements
42200000 usd
us-gaap Acquisition Costs
AcquisitionCosts
0 usd
us-gaap Acquisition Costs
AcquisitionCosts
0 usd
CY2022Q3 us-gaap Acquisition Costs
AcquisitionCosts
0 usd
CY2023Q3 us-gaap Acquisition Costs
AcquisitionCosts
0 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
17000000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
15700000 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and tenant receivables. The Company places its cash and cash equivalents in excess of insured amounts with high quality financial institutions. The Company performs ongoing credit evaluations of its tenants and requires tenants to provide security deposits.</span></div>
CY2023Q3 us-gaap Profit Loss
ProfitLoss
8929000 usd
CY2022Q3 us-gaap Profit Loss
ProfitLoss
19786000 usd
us-gaap Profit Loss
ProfitLoss
28143000 usd
us-gaap Profit Loss
ProfitLoss
44566000 usd
CY2023Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
501000 usd
CY2022Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1264000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1644000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2896000 usd
CY2023Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
112000 usd
CY2022Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
102000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
344000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
278000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8316000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
18420000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
26155000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
41392000 usd
CY2023Q3 us-gaap Profit Loss
ProfitLoss
8929000 usd
CY2022Q3 us-gaap Profit Loss
ProfitLoss
19786000 usd
us-gaap Profit Loss
ProfitLoss
28143000 usd
us-gaap Profit Loss
ProfitLoss
44566000 usd
CY2023Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
112000 usd
CY2022Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
102000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
344000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
278000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
8817000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
19684000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
27799000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
44288000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125256022 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123797859 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124873309 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123253613 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133156928 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132738470 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133136373 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132354492 shares
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
56245000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
214819000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
189636000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
161138000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
131501000 usd
CY2023Q3 roic Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
452170000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
1205509000 usd
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3200000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3200000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9600000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8800000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
16500000 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14900000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P35Y3M18D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
421000 usd
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
406000 usd
CY2023Q3 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
133438912 shares
roic Minority Interest Increase Decrease From Redemptions Number Of Units
MinorityInterestIncreaseDecreaseFromRedemptionsNumberOfUnits
1010000 shares
roic Equity Redemption Of Op Units Shares
EquityRedemptionOfOPUnitsShares
1010000 shares
CY2023Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
-1300000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
283000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
61000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
1951000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
1104000 usd
CY2023Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
354000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
27000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
621000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-2300000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
1300000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
1300000 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
1364000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1369000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1389000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1417000 usd
CY2023Q3 roic Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
29041000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
34920000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
18375000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
16545000 usd
CY2013Q3 roic Tax Protection Agreements Acquisitions Term
TaxProtectionAgreementsAcquisitionsTerm
P12Y
roic Tax Protection Agreements Acquisitions Term
TaxProtectionAgreementsAcquisitionsTerm
P10Y

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