$SHO
Sunstone Hotel Investors, Inc.

2024 Q1 Form 10-K Financial Statement

#000155837024001615 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $217.2M $219.2M $986.5M
YoY Change -10.79% -10.21% 8.16%
Cost Of Revenue $85.81M $86.45M $375.5M
YoY Change -8.08% -6.3% 9.56%
Gross Profit $131.4M $132.8M $610.9M
YoY Change -12.48% -12.58% 7.32%
Gross Profit Margin 60.49% 60.57% 61.93%
Selling, General & Admin $11.40M $85.06M $47.09M
YoY Change -5.62% -2.08% -5.71%
% of Gross Profit 8.68% 64.06% 7.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.78M $29.14M $126.5M
YoY Change -10.65% -10.01% 0.56%
% of Gross Profit 21.91% 21.94% 20.71%
Operating Expenses $199.9M $114.2M $867.8M
YoY Change -8.57% -4.25% 6.33%
Operating Profit -$68.55M $18.59M -$256.9M
YoY Change -0.02% -43.04% 4.05%
Interest Expense $11.01M -$16.77M $51.68M
YoY Change -20.18% 43.11% 61.47%
% of Operating Profit -90.21%
Other Income/Expense, Net $5.453M $4.137M $10.54M
YoY Change 907.95% 769.12% 100.97%
Pretax Income $12.18M $129.8M $211.3M
YoY Change -43.2% 623.11% 131.85%
Income Tax -$855.0K $2.799M $4.562M
% Of Pretax Income -7.02% 2.16% 2.16%
Net Earnings $13.04M $123.1M $206.7M
YoY Change -38.18% 801.19% 127.74%
Net Earnings / Revenue 6.0% 56.16% 20.95%
Basic Earnings Per Share $0.05 $0.93
Diluted Earnings Per Share $0.05 $0.60 $0.93
COMMON SHARES
Basic Shares Outstanding 203.5M 205.4M 205.6M
Diluted Shares Outstanding 203.0M 205.9M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.7M $426.4M $426.4M
YoY Change 315.7% 321.25% 321.25%
Cash & Equivalents $400.7M $426.4M $426.4M
Short-Term Investments
Other Short-Term Assets $70.32M $67.30M $67.30M
YoY Change 1.01% -4.75% -4.75%
Inventory
Prepaid Expenses
Receivables $36.69M $31.21M $31.21M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $507.7M $524.9M $524.9M
YoY Change 144.1% 145.32% 145.32%
LONG-TERM ASSETS
Property, Plant & Equipment $2.937M $3.120M $2.601B
YoY Change -21.32% -15.33% -9.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $31.01M $23.26M $23.26M
YoY Change 312.64% 195.7% 170.0%
Total Long-Term Assets $2.634B $2.624B $2.624B
YoY Change -8.05% -8.52% -8.52%
TOTAL ASSETS
Total Short-Term Assets $507.7M $524.9M $524.9M
Total Long-Term Assets $2.634B $2.624B $2.624B
Total Assets $3.142B $3.149B $3.149B
YoY Change 2.24% 2.16% 2.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.08M $48.41M $48.41M
YoY Change -0.58% -7.26% -7.26%
Accrued Expenses $3.353M $6.346M $6.346M
YoY Change -87.29% -81.54% -81.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $142.5M $138.4M $138.4M
YoY Change -62.59% -63.67% -63.67%
LONG-TERM LIABILITIES
Long-Term Debt $814.4M $814.6M $814.6M
YoY Change 37.96% 37.91% 37.91%
Other Long-Term Liabilities $23.88M $29.75M $29.75M
YoY Change 69.3% 148.78% 13.03%
Total Long-Term Liabilities $838.3M $844.3M $844.3M
YoY Change 38.69% 40.11% 36.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.5M $138.4M $138.4M
Total Long-Term Liabilities $838.3M $844.3M $844.3M
Total Liabilities $980.8M $982.7M $982.7M
YoY Change -2.0% -1.52% -1.52%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.037M $2.035M
YoY Change -1.78% -2.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.161B $2.167B $2.167B
YoY Change
Total Liabilities & Shareholders Equity $3.142B $3.149B $3.149B
YoY Change 2.24% 2.16% 2.16%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $13.04M $123.1M $206.7M
YoY Change -38.18% 801.19% 127.74%
Depreciation, Depletion And Amortization $28.78M $29.14M $126.5M
YoY Change -10.65% -10.01% 0.56%
Cash From Operating Activities $38.48M $29.39M $198.1M
YoY Change -18.55% -50.76% -5.37%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$27.66M $318.3M $258.1M
YoY Change 23.09% -1115.78% 286.44%
Cash From Investing Activities -$27.66M $318.3M $258.1M
YoY Change 23.09% -1115.78% -255.73%
FINANCING ACTIVITIES
Cash Dividend Paid $29.77M $59.83M
YoY Change 112.92% 141.0%
Common Stock Issuance & Retirement, Net $56.40M
YoY Change -47.99%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.52M -38.99M -119.7M
YoY Change -8.1% 0.02% 143.46%
NET CHANGE
Cash From Operating Activities 38.48M 29.39M 198.1M
Cash From Investing Activities -27.66M 318.3M 258.1M
Cash From Financing Activities -33.52M -38.99M -119.7M
Net Change In Cash -22.70M 308.7M 336.5M
YoY Change 93.96% -3002.7% -6205.82%
FREE CASH FLOW
Cash From Operating Activities $38.48M $29.39M $198.1M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12.25pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 12.25pt;"><span style="font-size:7pt;margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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 materially from those estimates.</p>
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CY2023 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:12.25pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Interest Rate Derivatives</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:24.5pt;margin:0pt;"><span style="font-size:7pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">The Company’s objective in holding interest rate derivatives is to manage its exposure to the interest rate risks related to its floating rate debt. To accomplish this objective, the Company uses interest rate caps and swaps, none of which qualifies for effective hedge accounting treatment. The Company records interest rate caps and swaps on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded each period in the consolidated statements of operations.</p>
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CY2023 us-gaap Number Of Operating Segments
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CY2021 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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