$SITC
Site Centers Corp

2023 Q2 Form 10-Q Financial Statement

#000095017023015263 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $138.2M $138.7M $134.3M
YoY Change -1.79% 3.25% 4.82%
Cost Of Revenue $42.76M $43.22M $42.12M
YoY Change -0.34% 2.61% 5.56%
Gross Profit $95.40M $95.47M $92.20M
YoY Change -2.43% 3.55% 4.42%
Gross Profit Margin 69.05% 68.84% 68.64%
Selling, General & Admin $14.03M $10.65M $12.25M
YoY Change 23.59% -13.11% -29.59%
% of Gross Profit 14.71% 11.15% 13.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $58.70M $54.02M $50.36M
YoY Change 15.05% 7.25% 10.45%
% of Gross Profit 61.53% 56.58% 54.62%
Operating Expenses $72.73M $107.9M $62.62M
YoY Change -32.54% 72.29% -43.13%
Operating Profit $22.67M -$12.41M $29.59M
YoY Change -326.02% -141.94% -235.68%
Interest Expense -$16.30M $19.92M $18.26M
YoY Change -186.22% 9.12% -5.86%
% of Operating Profit -71.9% 61.71%
Other Income/Expense, Net -$634.0K -$20.61M -$504.0K
YoY Change -96.84% 3989.29% 37.7%
Pretax Income $5.715M $15.52M $14.21M
YoY Change -90.59% 9.21% -14.14%
Income Tax $362.0K $213.0K $252.0K
% Of Pretax Income 6.33% 1.37% 1.77%
Net Earnings $2.476M $15.28M $13.94M
YoY Change -95.9% 9.66% -12.94%
Net Earnings / Revenue 1.79% 11.02% 10.38%
Basic Earnings Per Share $0.01 $0.06 $0.05
Diluted Earnings Per Share $0.01 $0.06 $0.05
COMMON SHARES
Basic Shares Outstanding 209.3M 210.4M 212.1M
Diluted Shares Outstanding 209.4M 210.4M 213.2M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.04M $25.03M $17.19M
YoY Change -27.23% 45.65% -91.0%
Cash & Equivalents $28.04M $25.03M $17.19M
Short-Term Investments
Other Short-Term Assets $10.23M $19.28M $13.96M
YoY Change 16.84% 38.12% -0.29%
Inventory
Prepaid Expenses
Receivables $61.38M $59.86M $52.48M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $99.65M $104.2M $83.63M
YoY Change -2.42% 24.57% -68.91%
LONG-TERM ASSETS
Property, Plant & Equipment $3.819B $3.800B $3.798B
YoY Change -2.75% 0.06% 7.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $40.56M $45.58M $57.05M
YoY Change -23.52% -20.11% -78.55%
Other Assets $6.977M $7.401M $5.675M
YoY Change -38.0% 30.41% -36.94%
Total Long-Term Assets $3.961B $3.949B $3.968B
YoY Change -3.41% -0.47% 1.58%
TOTAL ASSETS
Total Short-Term Assets $99.65M $104.2M $83.63M
Total Long-Term Assets $3.961B $3.949B $3.968B
Total Assets $4.061B $4.053B $4.051B
YoY Change -3.39% 0.04% -2.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $210.9M $195.8M $206.3M
YoY Change -1.96% -5.1% 5.82%
Accrued Expenses
YoY Change
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 $241.0M $225.9M $237.0M
YoY Change -1.96% -4.69% 6.29%
LONG-TERM LIABILITIES
Long-Term Debt $1.795B $1.782B $1.758B
YoY Change -3.84% 1.36% -1.22%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.795B $1.782B $1.758B
YoY Change -3.84% 1.36% -1.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $241.0M $225.9M $237.0M
Total Long-Term Liabilities $1.795B $1.782B $1.758B
Total Liabilities $2.036B $2.008B $1.995B
YoY Change -3.62% 0.64% -0.58%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $21.44M $21.44M $21.42M
YoY Change 0.0% 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.025B $2.039B $2.050B
YoY Change
Total Liabilities & Shareholders Equity $4.061B $4.053B $4.051B
YoY Change -3.39% 0.04% -2.96%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $2.476M $15.28M $13.94M
YoY Change -95.9% 9.66% -12.94%
Depreciation, Depletion And Amortization $58.70M $54.02M $50.36M
YoY Change 15.05% 7.25% 10.45%
Cash From Operating Activities $84.63M $42.17M $50.02M
YoY Change 3.1% -15.7% -10.85%
INVESTING ACTIVITIES
Capital Expenditures $71.57M $54.49M -$158.2M
YoY Change -136.35% -134.45% 773.97%
Acquisitions
YoY Change
Other Investing Activities $9.438M $3.667M $3.684M
YoY Change -84.88% -0.46% -87.16%
Cash From Investing Activities -$62.13M -$50.83M -$154.5M
YoY Change -53.79% -67.1% -1566.02%
FINANCING ACTIVITIES
Cash Dividend Paid $30.35M $28.21M
YoY Change 7.6% 90.03%
Common Stock Issuance & Retirement, Net $33.78M
YoY Change -114.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.37M 12.90M 80.45M
YoY Change -126.06% -83.96% 52.82%
NET CHANGE
Cash From Operating Activities 84.63M 42.17M 50.02M
Cash From Investing Activities -62.13M -50.83M -154.5M
Cash From Financing Activities -19.37M 12.90M 80.45M
Net Change In Cash 3.134M 4.245M -24.04M
YoY Change -85.73% -117.66% -120.15%
FREE CASH FLOW
Cash From Operating Activities $84.63M $42.17M $50.02M
Capital Expenditures $71.57M $54.49M -$158.2M
Free Cash Flow $13.06M -$12.33M $208.2M
YoY Change -95.32% -105.92% 180.57%

Facts In Submission

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<p style="text-indent:2.267%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates in Preparation of Financial Statements</span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. </span>
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CY2023Q1 sitc Equity Method Investment Difference Between Carrying Amount And Underlying Equity Deferred Development Fees Net Of Portion Relating To Company Interest
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CY2022Q4 sitc Equity Method Investment Difference Between Carrying Amount And Underlying Equity Deferred Development Fees Net Of Portion Relating To Company Interest
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CY2023Q1 sitc Income Loss From Equity Method Investments Before Amortization Of Basis Differentials
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CY2023Q1 sitc Amortization Of Basis Differentials
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CY2022Q1 sitc Amortization Of Basis Differentials
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CY2023Q1 us-gaap Income Loss From Equity Method Investments
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CY2023Q1 sitc Other Revenue Earned From Unconsolidated Joint Ventures
OtherRevenueEarnedFromUnconsolidatedJointVentures
200000
CY2022Q1 sitc Other Revenue Earned From Unconsolidated Joint Ventures
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CY2023Q1 sitc Fee And Other Income Earned From Unconsolidated Joint Ventures
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CY2022Q1 sitc Fee And Other Income Earned From Unconsolidated Joint Ventures
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CY2023Q1 us-gaap Derivative Fair Value Of Derivative Net
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CY2023Q1 us-gaap Senior Notes
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CY2023Q1 sitc Revolving Credit Facility And Term Loan
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CY2023Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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13.43
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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-2269000
CY2023Q1 sitc Amounts Reclassified From Accumulated Other Comprehensive Income To Interest Expense
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931000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
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CY2022Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2022Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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107000
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
126000
CY2023Q1 sitc Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
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12388000
CY2022Q1 sitc Net Income Loss Attributable To Common Shareholders After Allocation To Participating Securities
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11022000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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212103000
CY2023Q1 sitc Performance Restricted Stock Units
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436000
CY2022Q1 sitc Performance Restricted Stock Units
PerformanceRestrictedStockUnits
1100000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05

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