$XHR
Xenia Hotels & Resorts, Inc.

2023 Q3 Form 10-Q Financial Statement

#000161600023000063 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $232.0M $271.1M
YoY Change -3.59% -4.37%
Cost Of Revenue $167.7M $116.7M
YoY Change -2.46% -34.11%
Gross Profit $64.37M $154.3M
YoY Change -6.43% 45.23%
Gross Profit Margin 27.74% 56.93%
Selling, General & Admin $82.20M $85.45M
YoY Change -0.54% 2.72%
% of Gross Profit 127.71% 55.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.20M $33.49M
YoY Change -3.24% -2.22%
% of Gross Profit 51.58% 21.7%
Operating Expenses $115.5M $119.3M
YoY Change -1.24% 1.6%
Operating Profit $7.989M $35.00M
YoY Change -50.32% -31.0%
Interest Expense $20.52M -$21.65M
YoY Change -0.29% -206.37%
% of Operating Profit 256.9% -61.86%
Other Income/Expense, Net $2.031M $2.362M
YoY Change 14.94% 40.51%
Pretax Income -$10.52M $16.22M
YoY Change 284.65% -49.4%
Income Tax -$1.600M $1.803M
% Of Pretax Income 11.12%
Net Earnings -$8.529M $13.72M
YoY Change 412.87% -50.37%
Net Earnings / Revenue -3.68% 5.06%
Basic Earnings Per Share -$0.08 $0.12
Diluted Earnings Per Share -$0.08 $0.13
COMMON SHARES
Basic Shares Outstanding 107.3M shares 109.5M shares
Diluted Shares Outstanding 107.0M shares 109.5M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $219.2M $255.3M
YoY Change -15.66% 14.09%
Cash & Equivalents $219.2M $255.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $39.20M $33.24M
Other Receivables $0.00 $0.00
Total Short-Term Assets $258.4M $288.5M
YoY Change -13.46% 8.63%
LONG-TERM ASSETS
Property, Plant & Equipment $2.590B $2.589B
YoY Change -1.33% -4.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $56.90M $61.02M
YoY Change -52.48% 30.07%
Total Long-Term Assets $2.704B $2.714B
YoY Change -3.2% -3.41%
TOTAL ASSETS
Total Short-Term Assets $258.4M $288.5M
Total Long-Term Assets $2.704B $2.714B
Total Assets $2.963B $3.003B
YoY Change -4.19% -2.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $107.4M $99.76M
YoY Change -0.39% -0.67%
Accrued Expenses $19.10M $19.37M
YoY Change -5.18% -5.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $137.4M $130.2M
YoY Change -1.59% 7.78%
LONG-TERM LIABILITIES
Long-Term Debt $1.395B $1.400B
YoY Change -2.44% -2.09%
Other Long-Term Liabilities $59.80M $60.86M
YoY Change -6.93% 14.09%
Total Long-Term Liabilities $1.455B $1.461B
YoY Change -2.63% -1.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $137.4M $130.2M
Total Long-Term Liabilities $1.455B $1.461B
Total Liabilities $1.592B $1.616B
YoY Change -2.55% 0.77%
SHAREHOLDERS EQUITY
Retained Earnings -$644.3M -$625.1M
YoY Change -0.46% -1.42%
Common Stock $1.061M $1.082M
YoY Change -7.17% -5.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.343B $1.386B
YoY Change
Total Liabilities & Shareholders Equity $2.963B $3.003B
YoY Change -4.19% -2.37%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$8.529M $13.72M
YoY Change 412.87% -50.37%
Depreciation, Depletion And Amortization $33.20M $33.49M
YoY Change -3.24% -2.22%
Cash From Operating Activities $37.20M $70.36M
YoY Change -37.22% 6.5%
INVESTING ACTIVITIES
Capital Expenditures $35.50M $22.36M
YoY Change -288.45% -255.89%
Acquisitions
YoY Change
Other Investing Activities $100.0K $703.0K
YoY Change -96.13% -7.13%
Cash From Investing Activities -$35.40M -$21.66M
YoY Change 117.75% 59.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -42.20M -73.75M
YoY Change 1302.93% 7053.15%
NET CHANGE
Cash From Operating Activities 37.20M 70.36M
Cash From Investing Activities -35.40M -21.66M
Cash From Financing Activities -42.20M -73.75M
Net Change In Cash -40.40M -25.05M
YoY Change -201.02% -148.69%
FREE CASH FLOW
Cash From Operating Activities $37.20M $70.36M
Capital Expenditures $35.50M $22.36M
Free Cash Flow $1.700M $48.00M
YoY Change -97.82% -40.31%

Facts In Submission

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us-gaap Payments Of Dividends Common Stock
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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IncomeTaxesPaidNet
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Nature Of Operations
NatureOfOperations
Organization<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Xenia Hotels &amp; Resorts, Inc. (the "Company" or "Xenia") is a Maryland corporation that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States. </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Substantially all of the Company's assets are held by, and all the operations are conducted through, XHR LP (the "Operating Partnership"). XHR GP, Inc. is the sole general partner of XHR LP and is wholly-owned by the Company. As of June 30, 2023, the Company collectively owned 95.8% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 4.2% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our current executive officers and current and prior members of our Board of Directors and includes vested and unvested long-term incentive plan ("LTIP") partnership units. LTIP partnership units may or may not vest based on the passage of time and whether certain market-based performance objectives are met. </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Xenia operates as a real estate investment trust ("REIT"). To qualify as a REIT, the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding, Inc. and its subsidiaries (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent contractors to manage the hotels. </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2023 and 2022, the Company owned 32 and 34 lodging properties, respectively.</span></div>
CY2023Q2 xhr Number Of Top Lodging Markets For Investing
NumberOfTopLodgingMarketsForInvesting
25 market
CY2023Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
32 property
CY2022Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
34 property
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Reclassifications</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts in these condensed consolidated financial statements have been reclassified to conform to the presentation as of and for the three and six months ended June 30, 2023.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected future economic conditions. Actual results could differ from these estimates.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Risks and Uncertainties</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the six months ended</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> June 30, 2023, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona and Houston, Texas markets that exceeded 10% of total revenues for the period then </span></div>ended. For the six months ended June 30, 2022, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, and Phoenix, Arizona markets that exceeded 10% of total revenues for the period then ended. To the extent that there are adverse changes in these markets, or the industry sectors that operate in these markets, our business and operating results could be negatively impacted.
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AccumulatedAmortizationDeferredFinanceCosts
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AccumulatedAmortizationDeferredFinanceCosts
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CY2023Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
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CY2023Q2 us-gaap Long Term Debt
LongTermDebt
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
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CY2023Q2 us-gaap Interest Expense
InterestExpense
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InterestExpense
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us-gaap Interest Expense
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us-gaap Interest Expense
InterestExpense
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CY2023Q2 xhr Gain Loss On Termination Of Derivatives
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CY2023Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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CY2023Q2 us-gaap Income Tax Expense Benefit
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CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5200000 usd
xhr Common Stock Maximum Authorized Pursuant To At The Market Agreements Value
CommonStockMaximumAuthorizedPursuantToAtTheMarketAgreementsValue
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CY2023Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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CY2022Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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CY2023Q2 xhr Common Stock Remaining Available Pursuant To At The Market Agreements Value
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CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2023Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
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2023-03-31
CY2023Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
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CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
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2023-07-14
CY2023Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Dividends Share Based Compensation
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CY2022Q2 us-gaap Dividends Share Based Compensation
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us-gaap Dividends Share Based Compensation
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us-gaap Dividends Share Based Compensation
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CY2023Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Basic
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19939000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
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22276000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
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22276000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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380320 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
233510 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
401790 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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109511862 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
114733593 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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110768602 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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114741779 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q2 us-gaap Operating Lease Right Of Use Asset
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CY2023Q2 us-gaap Operating Lease Liability
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us-gaap Operating Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Lease Cost
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xhr Operating Lease Including Available Extension Options Weighted Average Remaining Lease Term
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q2 us-gaap Operating Lease Liability
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CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
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