$SVC
Service Properties Trust

2024 Q3 Form 10-Q Financial Statement

#000094539424000042 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $491.2M $512.9M
YoY Change -1.14% 1.82%
Cost Of Revenue $328.5M $328.2M
YoY Change 3.38% 6.19%
Gross Profit $162.6M $184.7M
YoY Change -9.19% -5.13%
Gross Profit Margin 33.11% 36.01%
Selling, General & Admin $10.47M $10.68M
YoY Change -3.04% -14.0%
% of Gross Profit 6.44% 5.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $89.01M $95.67M
YoY Change -5.81% 1.17%
% of Gross Profit 54.73% 51.8%
Operating Expenses $104.3M $111.3M
YoY Change -5.3% -0.04%
Operating Profit $58.37M $73.39M
YoY Change -15.41% -11.92%
Interest Expense -$98.59M -$93.03M
YoY Change -219.82% -212.76%
% of Operating Profit -168.91% -126.77%
Other Income/Expense, Net
YoY Change
Pretax Income -$49.94M -$70.61M
YoY Change 506.52% 978.34%
Income Tax -$77.00K $524.0K
% Of Pretax Income
Net Earnings -$46.90M -$73.85M
YoY Change 1036.17% 554.81%
Net Earnings / Revenue -9.55% -14.4%
Basic Earnings Per Share -$0.28 -$0.45
Diluted Earnings Per Share -$0.28 -$0.45
COMMON SHARES
Basic Shares Outstanding 165.9M shares 165.8M shares
Diluted Shares Outstanding 165.4M shares 165.2M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.59M $14.63M
YoY Change -88.38% -96.64%
Cash & Equivalents $48.59M $14.63M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $20.14M $28.96M
Other Receivables $76.06M $70.48M
Total Short-Term Assets $144.8M $114.1M
YoY Change -70.79% -77.45%
LONG-TERM ASSETS
Property, Plant & Equipment $6.385B $6.413B
YoY Change -3.11% -3.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $110.8M $108.1M
YoY Change 0.23% -0.74%
Other Assets $101.4M $131.8M
YoY Change 228.06% 341.77%
Total Long-Term Assets $6.942B $7.008B
YoY Change -2.34% -1.91%
TOTAL ASSETS
Total Short-Term Assets $144.8M $114.1M
Total Long-Term Assets $6.942B $7.008B
Total Assets $7.087B $7.122B
YoY Change -6.81% -6.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $603.5M $565.1M
YoY Change 3.77% -5.05%
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 $603.5M $565.1M
YoY Change 3.77% -5.05%
LONG-TERM LIABILITIES
Long-Term Debt $5.554B $5.548B
YoY Change -2.91% -2.93%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.554B $5.548B
YoY Change -2.91% -2.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $603.5M $565.1M
Total Long-Term Liabilities $5.554B $5.548B
Total Liabilities $6.158B $6.113B
YoY Change -2.29% -3.13%
SHAREHOLDERS EQUITY
Retained Earnings $2.271B $2.318B
YoY Change -9.64% -7.93%
Common Stock $1.666M $1.659M
YoY Change 0.48% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $929.0M $1.009B
YoY Change
Total Liabilities & Shareholders Equity $7.087B $7.122B
YoY Change -6.81% -6.9%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$46.90M -$73.85M
YoY Change 1036.17% 554.81%
Depreciation, Depletion And Amortization $89.01M $95.67M
YoY Change -5.81% 1.17%
Cash From Operating Activities $106.2M $43.82M
YoY Change 44.42% -86.14%
INVESTING ACTIVITIES
Capital Expenditures $82.00M $66.12M
YoY Change 48.28% -67.05%
Acquisitions
YoY Change
Other Investing Activities $44.68M -$1.849M
YoY Change 1761.62% -100.97%
Cash From Investing Activities -$37.32M -$67.97M
YoY Change -29.58% 560.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -35.44M -33.72M
YoY Change -0.17% -33.95%
NET CHANGE
Cash From Operating Activities 106.2M 43.82M
Cash From Investing Activities -37.32M -67.97M
Cash From Financing Activities -35.44M -33.72M
Net Change In Cash 33.39M -57.87M
YoY Change -322.6% -122.71%
FREE CASH FLOW
Cash From Operating Activities $106.2M $43.82M
Capital Expenditures $82.00M $66.12M
Free Cash Flow $24.15M -$22.30M
YoY Change 32.69% -119.32%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
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CY2024Q2 us-gaap Income Tax Expense Benefit
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CY2024Q2 us-gaap Income Loss From Equity Method Investments
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CY2024Q2 us-gaap Common Stock Shares Outstanding
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CY2023Q2 us-gaap Dividends
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us-gaap Proceeds From Sale Of Investment Projects
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us-gaap Proceeds From Sale Of Investment Projects
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us-gaap Proceeds From Sale Of Intangible Assets
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Due From Related Parties
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us-gaap Increase Decrease In Due From Related Parties
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us-gaap Payments For Capital Improvements
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CY2024Q2 svc Ownership Percentage Held In Subsidiary
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us-gaap Use Of Estimates
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<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%">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 and impairment of real estate and related intangibles.</span></div>
CY2024Q2 us-gaap Straight Line Rent Adjustments
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CY2023Q2 us-gaap Straight Line Rent Adjustments
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us-gaap Straight Line Rent Adjustments
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us-gaap Straight Line Rent Adjustments
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CY2024Q2 svc Straight Line Rent Receivables
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CY2023Q4 svc Straight Line Rent Receivables
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
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CY2024Q2 svc Number Of New Trustees
NumberOfNewTrustees
8 trustee
us-gaap Stock Repurchased During Period Shares
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11798 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
6.66
CY2024Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.20
CY2024Q1 us-gaap Dividends Common Stock Cash
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33154000 usd
CY2024Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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33152000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
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0.40
us-gaap Dividends Common Stock Cash
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us-gaap Nature Of Operations
NatureOfOperations
<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 10. Business and Property Management Agreements with RMR</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, 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%">Pursuant to our business management agreement with RMR, we recognized net business management fees of $7,440 and $8,287 for the three months ended June 30, 2024 and 2023, respectively, and $15,197 and $16,672 for the six months ended June 30, 2024 and 2023, respectively. Based on our common share total return, as defined in our business management agreement, as of each of June 30, 2024 and 2023, no incentive fees are included in the net business management fees we recognized for the three and six months ended June 30, 2024 or 2023. The actual amount of annual incentive fees for 2024, 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, 2024, and will be payable in January 2025. We did not incur an incentive fee payable to RMR for the year ended December 31, 2023. 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%">Pursuant to our property management agreement with RMR, we recognized aggregate property management and construction supervision fees of $2,839 and $1,846 for the three months ended June 30, 2024 and 2023, respectively, and $6,019 and $3,258 for the six months ended June 30, 2024 and 2023, respectively. Of those amounts, for the three months ended June 30, 2024 and 2023, $1,505 and $937, respectively, of property management fees were expensed to net lease operating expenses in our condensed consolidated statements of comprehensive income (loss) and $1,334 and $909, respectively, of construction supervision fees were capitalized as building improvements in our condensed consolidated balance sheets. For the six months ended June 30, 2024 and 2023, $2,989 and $1,882, respectively, of property management fees were expensed to net lease operating expenses in our condensed consolidated statements of comprehensive income (loss) and $3,030 and $1,376, respectively, of construction supervision fees were capitalized as building improvements 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 of 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 and the office building component of one of our hotels, 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. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR. We reimbursed RMR $1,032 and $1,116 for these expenses and costs for the three months ended June 30, 2024 and 2023, respectively, and $2,126 and $2,119 for these expenses and costs for the six months ended June 30, 2024 and 2023, respectively. We included these amounts in net lease operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss).</span></div>
CY2024Q2 dei Entity Number Of Employees
EntityNumberOfEmployees
0 employee
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
524000 usd
CY2024Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
88000 usd
CY2024Q2 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
436000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5247000 usd
CY2023Q2 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2884000 usd
CY2023Q2 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
2363000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1531000 usd
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
709000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
822000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
587000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
880000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
412486000 usd
CY2024Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
100462000 usd
CY2024Q2 us-gaap Revenues
Revenues
512948000 usd
CY2024Q2 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
328247000 usd
CY2024Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
4958000 usd
CY2024Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
95674000 usd
CY2024Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10681000 usd
CY2024Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
34887000 usd
CY2024Q2 us-gaap Costs And Expenses
CostsAndExpenses
474447000 usd
CY2024Q2 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-32000 usd
CY2024Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
819000 usd
CY2024Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
93850000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-70610000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
200476000 usd
us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
633333000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
37338000 usd
us-gaap Costs And Expenses
CostsAndExpenses
890320000 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-2995000 usd
us-gaap Interest And Other Income
InterestAndOtherIncome
2781000 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
185264000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-16048000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-142648000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1531000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-8054000 usd
us-gaap Net Income Loss
NetIncomeLoss
-152233000 usd
CY2024Q2 us-gaap Assets
Assets
7121661000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
404327000 usd
CY2023Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
99452000 usd
CY2023Q2 us-gaap Revenues
Revenues
503779000 usd
CY2023Q2 us-gaap Cost Of Goods And Service Excluding Depreciation Depletion And Amortization
CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization
309100000 usd
CY2023Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
4372000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
94571000 usd
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12420000 usd
CY2023Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
931000 usd
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
9005000 usd
CY2023Q2 us-gaap Costs And Expenses
CostsAndExpenses
430399000 usd
CY2023Q2 us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-62000 usd
CY2023Q2 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-593000 usd
CY2023Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
3468000 usd
CY2023Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
82503000 usd
CY2023Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-238000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-6548000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5247000 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
517000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-11278000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
739123000 usd

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