$SVC
Service Properties Trust

2022 Q4 Form 10-Q Financial Statement

#000094539422000064 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $455.2M $498.3M
YoY Change 8.03% 13.99%
Cost Of Revenue $293.6M $318.3M
YoY Change 2.3% 11.58%
Gross Profit $161.7M $180.0M
YoY Change 20.28% 18.52%
Gross Profit Margin 35.51% 36.12%
Selling, General & Admin $8.661M $11.29M
YoY Change -31.26% -20.65%
% of Gross Profit 5.36% 6.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $94.96M $101.5M
YoY Change -17.97% -18.24%
% of Gross Profit 58.74% 56.4%
Operating Expenses $107.6M $116.3M
YoY Change -18.62% -18.56%
Operating Profit $54.03M $63.67M
YoY Change 2411.81% 604.67%
Interest Expense -$88.09M $81.74M
YoY Change -2.28% -11.59%
% of Operating Profit -163.04% 128.39%
Other Income/Expense, Net
YoY Change
Pretax Income -$31.75M $5.089M
YoY Change -84.11% -108.22%
Income Tax -$1.757M $390.0K
% Of Pretax Income 7.66%
Net Earnings -$31.41M $7.500M
YoY Change -84.2% -112.56%
Net Earnings / Revenue -6.9% 1.51%
Basic Earnings Per Share $0.05
Diluted Earnings Per Share -$0.19 $0.05
COMMON SHARES
Basic Shares Outstanding 165.5M shares 165.1M shares
Diluted Shares Outstanding 164.7M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.37M $67.25M
YoY Change -95.94% -92.63%
Cash & Equivalents $38.37M $67.25M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $35.03M $58.29M
Other Receivables $32.25M $0.00
Total Short-Term Assets $105.6M $156.7M
YoY Change -89.63% -84.08%
LONG-TERM ASSETS
Property, Plant & Equipment $6.591B $6.643B
YoY Change -5.09% -12.91%
Goodwill
YoY Change
Intangibles $252.4M
YoY Change -10.9%
Long-Term Investments $112.6M $113.2M
YoY Change 79.65% 344.79%
Other Assets $129.0M $153.9M
YoY Change -75.15% 2768.44%
Total Long-Term Assets $7.383B $7.476B
YoY Change -9.24% -10.47%
TOTAL ASSETS
Total Short-Term Assets $105.6M $156.7M
Total Long-Term Assets $7.383B $7.476B
Total Assets $7.488B $7.633B
YoY Change -18.19% -18.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $443.9M $433.2M
YoY Change -2.44% -1.83%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $443.9M $433.2M
YoY Change -2.44% -1.83%
LONG-TERM LIABILITIES
Long-Term Debt $5.656B $5.748B
YoY Change -20.82% -19.5%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.656B $5.748B
YoY Change -20.82% -19.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $443.9M $433.2M
Total Long-Term Liabilities $5.656B $5.748B
Total Liabilities $6.099B $6.181B
YoY Change -19.72% -18.47%
SHAREHOLDERS EQUITY
Retained Earnings $2.503B $2.535B
YoY Change -5.02% -10.58%
Common Stock $1.655M $1.654M
YoY Change 0.24% 0.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.389B $1.452B
YoY Change
Total Liabilities & Shareholders Equity $7.488B $7.633B
YoY Change -18.19% -18.23%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$31.41M $7.500M
YoY Change -84.2% -112.56%
Depreciation, Depletion And Amortization $94.96M $101.5M
YoY Change -17.97% -18.24%
Cash From Operating Activities $96.01M $87.82M
YoY Change 96.34% 295.43%
INVESTING ACTIVITIES
Capital Expenditures $34.86M -$30.46M
YoY Change -213.4% 38.16%
Acquisitions
YoY Change
Other Investing Activities $35.13M $28.10M
YoY Change 109.37% -31671.91%
Cash From Investing Activities $273.0K -$2.358M
YoY Change -101.96% -89.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -129.0M -707.4M
YoY Change 7422.04% 28084.34%
NET CHANGE
Cash From Operating Activities 96.01M 87.82M
Cash From Investing Activities 273.0K -2.358M
Cash From Financing Activities -129.0M -707.4M
Net Change In Cash -32.72M -622.0M
YoY Change -198.46% 25432.35%
FREE CASH FLOW
Cash From Operating Activities $96.01M $87.82M
Capital Expenditures $34.86M -$30.46M
Free Cash Flow $61.16M $118.3M
YoY Change -23.21% 167.27%

Facts In Submission

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The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets, impairment of real estate and related intangibles.
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<div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Note 9. Business and Property Management Agreements with RMR</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline"> </span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations of our net lease portfolio, excluding properties leased to TA, the office building component of one of our hotels and major renovation or repositioning activities at our hotels that we may request RMR to manage from time to time.</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We recognized net business management fees payable to RMR of $8,272 and $10,794 for the three months ended September 30, 2022 and 2021, respectively, and $27,455 and $31,836 for the nine months ended September 30, 2022 and 2021, respectively. Based on our common share total return, as defined in our business management agreement, as of each of September 30, 2022 and 2021, no incentive fees are included in the net business management fees we recognized for the three and nine months ended September 30, 2022 or 2021. The actual amount of annual incentive fees for 2022, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2022, and will be payable in January 2023. We did not incur an incentive fee payable to RMR for the year ended December 31, 2021. We include business management fee amounts in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). </span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We and RMR amended our business management agreement effective August 1, 2021 to provide that (i) for periods beginning on and after August 1, 2021, the MSCI U.S. REIT/Hotel &amp; Resort REIT Index will be used to calculate benchmark returns per share for purposes of determining any incentive management fee payable by us to RMR, and (ii) for periods prior to August 1, 2021, the SNL U.S. REIT Hotel Index will continue to be used. This change of index was due to S&amp;P Global, Inc. ceasing to publish the SNL U.S. REIT Hotel Index.</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We recognized property management and construction supervision fees payable to RMR of $1,628 and $1,384 for the three months ended September 30, 2022 and 2021, respectively, and $4,526 and $3,267 for the nine months ended September 30, 2022 and 2021, respectively. Of those amounts, for the three months ended September 30, 2022 and 2021, $975 and $1,002, respectively, of property management fees were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $653 and $382, respectively, of construction and supervision fees were capitalized for the three months ended September 30, 2022 and 2021. The amounts capitalized are included in building, improvements and equipment in our condensed consolidated balance sheets. For the nine months ended September 30, 2022 and 2021, $3,007 and $2,683, respectively, of property management fees were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $1,520 and $584, respectively, of construction and supervision fees were capitalized and included in building, improvements and equipment in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. </span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees assigned to work exclusively or partly at our net lease properties, our share of the wages, benefits and other related costs of RMR's centralized accounting personnel, our share of RMR’s costs for providing our internal audit function, and as otherwise agreed. We reimbursed RMR $892 and $679 for these expenses and costs for the three months ended September 30, 2022 and 2021, respectively, and $2,331 and $2,016 for the nine months ended September 30, 2022 and 2021, respectively. We included these amounts in other operating expenses and selling, general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss).</span></div><div style="margin-bottom:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 22, 2021, we and RMR amended our property management agreement to, among other things, provide for RMR's oversight of any major capital projects and repositioning activities at our hotels, including our hotels that are managed by Sonesta, as we may request from time to time. RMR will receive the same fee previously paid to Sonesta for these services, which is equal to 3% of the cost of any such major capital project or repositioning activity.</span></div>
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us-gaap Current State And Local Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Current Foreign Tax Expense Benefit
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us-gaap Number Of Reportable Segments
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5089000 usd
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390000 usd
CY2022Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2801000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
7500000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1116843000 usd
us-gaap Operating Lease Lease Income Lease Payments
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290949000 usd
us-gaap Revenues
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1407792000 usd
us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
933803000 usd
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
9162000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
306147000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
35743000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1920000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
9720000 usd
us-gaap Costs And Expenses
CostsAndExpenses
1296495000 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
44235000 usd
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
2737000 usd
us-gaap Interest And Other Income
InterestAndOtherIncome
2735000 usd
us-gaap Interest Expense
InterestExpense
263904000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-791000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-103691000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1558000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4277000 usd
us-gaap Net Income Loss
NetIncomeLoss
-100972000 usd
CY2022Q3 us-gaap Assets
Assets
7632713000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
338375000 usd
CY2021Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
98724000 usd
CY2021Q3 us-gaap Revenues
Revenues
437099000 usd
CY2021Q3 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
285233000 usd
CY2021Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
4437000 usd
CY2021Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
124163000 usd
CY2021Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
14231000 usd
CY2021Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
3149000 usd
CY2021Q3 us-gaap Costs And Expenses
CostsAndExpenses
431213000 usd
CY2021Q3 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
94000 usd
CY2021Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
24348000 usd
CY2021Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
203000 usd
CY2021Q3 us-gaap Interest Expense
InterestExpense
92458000 usd
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-61927000 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-55000 usd
CY2021Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2158000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-59714000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
787463000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
286742000 usd
us-gaap Revenues
Revenues
1074205000 usd
us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
723769000 usd
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
11758000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
370208000 usd
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
40840000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
28934000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2110000 usd
us-gaap Costs And Expenses
CostsAndExpenses
1177619000 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
10934000 usd
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
20367000 usd
us-gaap Interest And Other Income
InterestAndOtherIncome
485000 usd
us-gaap Interest Expense
InterestExpense
273227000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-344855000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1009000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
50000 usd
us-gaap Net Income Loss
NetIncomeLoss
-345814000 usd
CY2021Q4 us-gaap Assets
Assets
9153315000 usd

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