2022 Q3 Form 10-Q Financial Statement

#000089971522000151 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $111.4M $105.8M $112.1M
YoY Change -0.91% 4.51% 0.8%
Cost Of Revenue $36.08M $32.70M $36.99M
YoY Change -2.98% 4.63% 5.38%
Gross Profit $75.37M $73.14M $75.10M
YoY Change 0.12% 4.45% -1.18%
Gross Profit Margin 67.63% 69.11% 67.0%
Selling, General & Admin $17.37M $19.33M $18.51M
YoY Change 17.23% 23.11% 49.25%
% of Gross Profit 23.05% 26.43% 24.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.45M $26.22M $27.18M
YoY Change -5.56% -5.28% -6.59%
% of Gross Profit 33.76% 35.85% 36.19%
Operating Expenses $78.89M $78.25M $45.69M
YoY Change 88.91% 4.77% 9.83%
Operating Profit -$3.521M -$5.105M $29.41M
YoY Change -110.5% 9.57% -14.49%
Interest Expense $11.66M $11.58M -$11.88M
YoY Change -187.79% -13.21% -22.83%
% of Operating Profit -40.4%
Other Income/Expense, Net -$10.27M -$9.000M $1.003M
YoY Change -4157.31% -66.32% 903.0%
Pretax Income $22.29M $18.59M $11.55M
YoY Change -267.19% -14184.85% -601.96%
Income Tax
% Of Pretax Income
Net Earnings $23.28M $19.91M $13.09M
YoY Change -320.02% 703.27% 4262.0%
Net Earnings / Revenue 20.89% 18.81% 11.67%
Basic Earnings Per Share $0.22 $0.19
Diluted Earnings Per Share $0.22 $0.19 $119.4K
COMMON SHARES
Basic Shares Outstanding 104.4M shares 103.6M shares 104.0M shares
Diluted Shares Outstanding 104.9M shares 104.8M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.7M $194.2M $161.3M
YoY Change 26.27% 80.45% 90.16%
Cash & Equivalents $180.7M $194.2M $161.3M
Short-Term Investments
Other Short-Term Assets $128.7M $95.99M $104.6M
YoY Change 28.48% 8.19% -0.68%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $309.4M $290.2M $265.8M
YoY Change 27.18% 47.8% 39.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.710B $1.718B $1.735B
YoY Change -1.94% -2.77% -4.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $74.70M $80.04M $82.65M
YoY Change -12.55% -9.93% -12.64%
Other Assets $64.00M $67.48M $73.72M
YoY Change -16.87% -15.04% -13.27%
Total Long-Term Assets $1.848B $1.865B $1.892B
YoY Change -3.02% -3.6% -5.39%
TOTAL ASSETS
Total Short-Term Assets $309.4M $290.2M $265.8M
Total Long-Term Assets $1.848B $1.865B $1.892B
Total Assets $2.158B $2.155B $2.157B
YoY Change 0.4% 1.13% -1.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.49M $76.51M $93.00M
YoY Change -15.06% 8.79% 5.32%
Accrued Expenses $88.05M $88.33M $88.87M
YoY Change -1.47% -1.44% -1.36%
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 $164.5M $164.8M $181.9M
YoY Change -8.29% 3.06% 1.94%
LONG-TERM LIABILITIES
Long-Term Debt $1.395B $1.396B $1.397B
YoY Change -1.08% 2.0% -10.9%
Other Long-Term Liabilities $82.03M $81.81M $78.65M
YoY Change 4.07% 3.5% -6.81%
Total Long-Term Liabilities $1.477B $1.478B $1.476B
YoY Change -0.81% 2.08% -10.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $164.5M $164.8M $181.9M
Total Long-Term Liabilities $1.477B $1.478B $1.476B
Total Liabilities $1.642B $1.643B $1.658B
YoY Change -2.85% 0.73% -10.31%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.043M $1.044M $1.041M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $493.4M $490.2M $477.9M
YoY Change
Total Liabilities & Shareholders Equity $2.158B $2.155B $2.157B
YoY Change 0.4% 1.13% -1.47%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $23.28M $19.91M $13.09M
YoY Change -320.02% 703.27% 4262.0%
Depreciation, Depletion And Amortization $25.45M $26.22M $27.18M
YoY Change -5.56% -5.28% -6.59%
Cash From Operating Activities $33.67M $70.22M $73.77M
YoY Change -35.68% 16.44% 1.47%
INVESTING ACTIVITIES
Capital Expenditures -$21.63M -$22.10M -$23.01M
YoY Change 69.89% 358.83% 296.74%
Acquisitions
YoY Change
Other Investing Activities -$1.646M $17.35M $2.200M
YoY Change -124.22% 183.17% -466.67%
Cash From Investing Activities -$23.28M -$4.755M -$20.81M
YoY Change 292.05% -463.25% 220.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.81M -24.10M -34.77M
YoY Change 119.49% -84.53% 2574.77%
NET CHANGE
Cash From Operating Activities 33.67M 70.22M 73.77M
Cash From Investing Activities -23.28M -4.755M -20.81M
Cash From Financing Activities -23.81M -24.10M -34.77M
Net Change In Cash -13.42M 41.36M 18.18M
YoY Change -137.73% -143.93% -71.98%
FREE CASH FLOW
Cash From Operating Activities $33.67M $70.22M $73.77M
Capital Expenditures -$21.63M -$22.10M -$23.01M
Free Cash Flow $55.30M $92.32M $96.78M
YoY Change -15.03% 41.77% 23.29%

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us-gaap Nature Of Operations
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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 June 30, 2022, 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, including its wholly-owned subsidiary, Tanger LP Trust, owns the majority of the units of partnership interest issued by the Operating Partnership. The Company controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of June 30, 2022, the Company and its wholly-owned subsidiaries owned 104,394,792 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,761,559 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.
CY2022Q2 skt Numberof Operating Partnership Units Ownedbythe Company
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104394792 shares
CY2022Q2 skt Exchange Ratioof Partnership Unitsfor Common Shares
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1
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CY2021Q2 skt Average Sale Stock Price Per Share
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skt Average Sale Stock Price Per Share
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skt Average Sale Stock Price Per Share
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CY2021Q2 us-gaap Stock Repurchase Program Authorized Amount1
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80000000 usd
CY2022Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
80000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
19905000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
2478000 usd
us-gaap Net Income Loss
NetIncomeLoss
40423000 usd
us-gaap Net Income Loss
NetIncomeLoss
6611000 usd
CY2022Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
222000 usd
CY2021Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
196000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
437000 usd
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
403000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
19683000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2282000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
39986000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6208000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103630000 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
100409000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103607000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97504000 shares
CY2022Q2 skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
421000 shares
CY2021Q2 skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
818000 shares
skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
413000 shares
skt Incremental Common Shares Attributable To Notional Units
IncrementalCommonSharesAttributableToNotionalUnits
685000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
703000 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
771000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
720000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
728000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104754000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101998000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104740000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98917000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
961000 shares
CY2022Q2 skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
961000 shares
skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
140000 shares
CY2021Q2 skt Antidilutive Incremental Common Shares Attributableto Notional Units
AntidilutiveIncrementalCommonSharesAttributabletoNotionalUnits
140000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
282000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
282000 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
360000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
360000 shares
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4251000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2763000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6959000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6608000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
47000 usd
CY2021Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
86000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
66000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-7000000 usd
CY2022Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
78682000 usd
CY2021Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
71847000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
159991000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
146766000 usd
CY2022Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
22727000 usd
CY2021Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
24977000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
46027000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
47525000 usd
CY2022Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
101409000 usd
CY2021Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
96824000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
206018000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
194291000 usd
CY2022Q2 skt Expenditures Included In Construction Trade Payables
ExpendituresIncludedInConstructionTradePayables
15223000 usd
CY2021Q2 skt Expenditures Included In Construction Trade Payables
ExpendituresIncludedInConstructionTradePayables
16790000 usd
us-gaap Interest Paid Net
InterestPaidNet
21586000 usd
us-gaap Interest Paid Net
InterestPaidNet
25559000 usd

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