$XHR
Xenia Hotels & Resorts, Inc.

2023 Q4 Form 10-Q Financial Statement

#000161600023000080 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $253.4M $232.0M
YoY Change -3.71% -3.59%
Cost Of Revenue $116.9M $167.7M
YoY Change 0.69% -2.46%
Gross Profit $136.5M $64.37M
YoY Change -7.18% -6.43%
Gross Profit Margin 53.86% 27.74%
Selling, General & Admin $83.19M $82.20M
YoY Change -2.8% -0.54%
% of Gross Profit 60.96% 127.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.70M $33.20M
YoY Change -5.44% -3.24%
% of Gross Profit 23.23% 51.58%
Operating Expenses $115.6M $115.5M
YoY Change -3.81% -1.24%
Operating Profit $20.87M $7.989M
YoY Change -22.3% -50.32%
Interest Expense -$20.69M $20.52M
YoY Change -2.65% -0.29%
% of Operating Profit -99.16% 256.9%
Other Income/Expense, Net $3.683M $2.031M
YoY Change 144.39% 14.94%
Pretax Income $3.859M -$10.52M
YoY Change -88.78% 284.65%
Income Tax -$3.935M -$1.600M
% Of Pretax Income -101.97%
Net Earnings $7.540M -$8.529M
YoY Change -78.47% 412.87%
Net Earnings / Revenue 2.98% -3.68%
Basic Earnings Per Share -$0.08
Diluted Earnings Per Share $0.07 -$0.08
COMMON SHARES
Basic Shares Outstanding 105.2M shares 107.3M shares
Diluted Shares Outstanding 107.0M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $164.7M $219.2M
YoY Change -46.01% -15.66%
Cash & Equivalents $164.7M $219.2M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $32.43M $39.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $197.2M $258.4M
YoY Change -42.46% -13.46%
LONG-TERM ASSETS
Property, Plant & Equipment $2.613B $2.590B
YoY Change -0.29% -1.33%
Goodwill $4.850M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $58.35M $56.90M
YoY Change -4.04% -52.48%
Total Long-Term Assets $2.705B $2.704B
YoY Change -1.18% -3.2%
TOTAL ASSETS
Total Short-Term Assets $197.2M $258.4M
Total Long-Term Assets $2.705B $2.704B
Total Assets $2.902B $2.963B
YoY Change -5.77% -4.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $102.4M $107.4M
YoY Change -4.4% -0.39%
Accrued Expenses $18.83M $19.10M
YoY Change -5.34% -5.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $132.0M $137.4M
YoY Change -4.65% -1.59%
LONG-TERM LIABILITIES
Long-Term Debt $1.395B $1.395B
YoY Change -2.39% -2.44%
Other Long-Term Liabilities $57.82M $59.80M
YoY Change 10.13% -6.93%
Total Long-Term Liabilities $1.453B $1.455B
YoY Change -1.95% -2.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.0M $137.4M
Total Long-Term Liabilities $1.453B $1.455B
Total Liabilities $1.585B $1.592B
YoY Change -2.18% -2.55%
SHAREHOLDERS EQUITY
Retained Earnings -$647.2M -$644.3M
YoY Change 3.86% -0.46%
Common Stock $1.024M $1.061M
YoY Change -9.06% -7.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.291B $1.343B
YoY Change
Total Liabilities & Shareholders Equity $2.902B $2.963B
YoY Change -5.77% -4.19%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $7.540M -$8.529M
YoY Change -78.47% 412.87%
Depreciation, Depletion And Amortization $31.70M $33.20M
YoY Change -5.44% -3.24%
Cash From Operating Activities $60.12M $37.20M
YoY Change 105.64% -37.22%
INVESTING ACTIVITIES
Capital Expenditures $51.40M $35.50M
YoY Change 73.1% -288.45%
Acquisitions
YoY Change
Other Investing Activities $229.0K $100.0K
YoY Change -99.76% -96.13%
Cash From Investing Activities -$51.17M -$35.40M
YoY Change -178.07% 117.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -61.98M -42.20M
YoY Change 56.74% 1302.93%
NET CHANGE
Cash From Operating Activities 60.12M 37.20M
Cash From Investing Activities -51.17M -35.40M
Cash From Financing Activities -61.98M -42.20M
Net Change In Cash -53.03M -40.40M
YoY Change -196.0% -201.02%
FREE CASH FLOW
Cash From Operating Activities $60.12M $37.20M
Capital Expenditures $51.40M $35.50M
Free Cash Flow $8.721M $1.700M
YoY Change -2000.0% -97.82%

Facts In Submission

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us-gaap Net Cash Provided By Used In Investing Activities
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ProceedsFromSecuredDebtModification
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ProceedsFromSecuredDebtModification
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xhr Repayments Of Secured Debt Payoffs
RepaymentsOfSecuredDebtPayoffs
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us-gaap Proceeds From Issuance Of Unsecured Debt
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us-gaap Proceeds From Issuance Of Unsecured Debt
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us-gaap Repayments Of Senior Debt
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us-gaap Repayments Of Senior Debt
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us-gaap Payments Of Financing Costs
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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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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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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xhr Distributions Incurred Not Yet Paid
DistributionsIncurredNotYetPaid
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xhr Distributions Incurred Not Yet Paid
DistributionsIncurredNotYetPaid
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us-gaap Nature Of Operations
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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 September 30, 2023, the Company collectively owned 95.7% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 4.3% 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 September 30, 2023 and 2022, the Company owned 32 and 34 lodging properties, respectively.</span></div>
CY2023Q3 xhr Number Of Top Lodging Markets For Investing
NumberOfTopLodgingMarketsForInvesting
25 market
CY2023Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
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CY2022Q3 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 nine months ended September 30, 2023.</span></div>
us-gaap Use Of Estimates
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<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 nine months ended</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> September 30, 2023, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida market that exceeded 10% of total revenues for the period then ended. For the nine months ended </span></div>September 30, 2022, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona and San Diego, California 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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us-gaap Interest Expense
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us-gaap Interest Expense
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CY2023Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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CY2023Q3 xhr Common Stock Remaining Available Pursuant To At The Market Agreements Value
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CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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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
LeaseCost
4734000 usd
xhr Operating Lease Including Available Extension Options Weighted Average Remaining Lease Term
OperatingLeaseIncludingAvailableExtensionOptionsWeightedAverageRemainingLeaseTerm
P56Y
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
537000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2157000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2172000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2188000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2204000 usd
CY2023Q3 xhr Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
24444000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33702000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14603000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
19099000 usd
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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