2021 Q4 Form 10-Q Financial Statement
#000089971521000186 Filed on November 04, 2021
Income Statement
| Concept | 2021 Q4 | 2020 Q3 |
|---|---|---|
| Revenue | $112.1M | $103.2M |
| YoY Change | 0.8% | -13.28% |
| Cost Of Revenue | $36.99M | $35.20M |
| YoY Change | 5.38% | -9.97% |
| Gross Profit | $75.10M | $68.00M |
| YoY Change | -1.18% | -14.79% |
| Gross Profit Margin | 67.0% | 65.89% |
| Selling, General & Admin | $18.51M | $11.20M |
| YoY Change | 49.25% | -8.94% |
| % of Gross Profit | 24.64% | 16.47% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $27.18M | $29.90M |
| YoY Change | -6.59% | -0.66% |
| % of Gross Profit | 36.19% | 43.97% |
| Operating Expenses | $45.69M | $41.10M |
| YoY Change | 9.83% | -3.07% |
| Operating Profit | $29.41M | $26.90M |
| YoY Change | -14.49% | -28.07% |
| Interest Expense | -$11.88M | -$15.60M |
| YoY Change | -22.83% | 2.63% |
| % of Operating Profit | -40.4% | -57.99% |
| Other Income/Expense, Net | $1.003M | $200.0K |
| YoY Change | 903.0% | 0.0% |
| Pretax Income | $11.55M | $13.80M |
| YoY Change | -601.96% | -38.67% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | $13.09M | $13.00M |
| YoY Change | 4262.0% | -44.68% |
| Net Earnings / Revenue | 11.67% | 12.6% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | $119.4K | $140.4K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 104.0M shares | 93.47M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2021 Q4 | 2020 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $161.3M | $19.80M |
| YoY Change | 90.16% | 321.28% |
| Cash & Equivalents | $161.3M | $19.80M |
| Short-Term Investments | ||
| Other Short-Term Assets | $104.6M | $125.3M |
| YoY Change | -0.68% | 30.25% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $265.8M | $145.1M |
| YoY Change | 39.84% | 43.81% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $1.735B | $1.860B |
| YoY Change | -4.66% | -8.23% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $82.65M | $92.50M |
| YoY Change | -12.64% | -2.01% |
| Other Assets | $73.72M | $88.20M |
| YoY Change | -13.27% | -13.02% |
| Total Long-Term Assets | $1.892B | $2.040B |
| YoY Change | -5.39% | -8.23% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $265.8M | $145.1M |
| Total Long-Term Assets | $1.892B | $2.040B |
| Total Assets | $2.157B | $2.186B |
| YoY Change | -1.47% | -5.98% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $93.00M | $85.70M |
| YoY Change | 5.32% | 15.97% |
| Accrued Expenses | $88.87M | $90.60M |
| YoY Change | -1.36% | -1.2% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $181.9M | $176.3M |
| YoY Change | 1.94% | 6.46% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $1.397B | $1.568B |
| YoY Change | -10.9% | -0.24% |
| Other Long-Term Liabilities | $78.65M | $91.50M |
| YoY Change | -6.81% | 3.27% |
| Total Long-Term Liabilities | $1.476B | $1.660B |
| YoY Change | -10.69% | -0.05% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $181.9M | $176.3M |
| Total Long-Term Liabilities | $1.476B | $1.660B |
| Total Liabilities | $1.658B | $1.853B |
| YoY Change | -10.31% | 0.11% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | $1.041M | |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $477.9M | $332.0M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $2.157B | $2.186B |
| YoY Change | -1.47% | -5.98% |
Cashflow Statement
| Concept | 2021 Q4 | 2020 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $13.09M | $13.00M |
| YoY Change | 4262.0% | -44.68% |
| Depreciation, Depletion And Amortization | $27.18M | $29.90M |
| YoY Change | -6.59% | -0.66% |
| Cash From Operating Activities | $73.77M | $77.80M |
| YoY Change | 1.47% | 17.35% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$23.01M | -$6.900M |
| YoY Change | 296.74% | -47.33% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $2.200M | $11.50M |
| YoY Change | -466.67% | 139.58% |
| Cash From Investing Activities | -$20.81M | $4.500M |
| YoY Change | 220.17% | -153.57% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $0.00 | |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -34.77M | -401.0M |
| YoY Change | 2574.77% | 561.72% |
| NET CHANGE | ||
| Cash From Operating Activities | 73.77M | 77.80M |
| Cash From Investing Activities | -20.81M | 4.500M |
| Cash From Financing Activities | -34.77M | -401.0M |
| Net Change In Cash | 18.18M | -318.7M |
| YoY Change | -71.98% | 11703.7% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $73.77M | $77.80M |
| Capital Expenditures | -$23.01M | -$6.900M |
| Free Cash Flow | $96.78M | $84.70M |
| YoY Change | 23.29% | 6.68% |
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2021 | ||
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Q3 | ||
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10-Q | ||
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2021-09-30 | ||
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TANGER FACTORY OUTLET CENTERS, INC | ||
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NC | ||
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56-1815473 | ||
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3200 Northline Avenue | ||
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Suite 360 | ||
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Greensboro | ||
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NC | ||
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27408 | ||
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336 | ||
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292-3010 | ||
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Common Shares, $0.01 par value | ||
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Business<div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust (“REIT”) which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of September 30, 2021, we owned and operated 30 consolidated outlet centers, with a total gross leasable area of approximately 11.5 million square feet. We also had partial ownership interests in 6 unconsolidated outlet centers totaling approximately 2.1 million square feet, including 2 outlet centers in Canada.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, “Operating Partnership”, refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires.</span></div>The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust is the sole general partner of the Operating Partnership. Tanger LP Trust holds a limited partnership interest. As of September 30, 2021, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 103,984,234 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,794,643 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company’s common shares, subject to certain limitations to preserve the Company’s REIT status. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company. | ||
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