2024 Q2 Form 10-Q Financial Statement

#000161600024000042 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $272.9M $267.5M
YoY Change 0.68% -0.55%
Cost Of Revenue $185.8M $183.0M
YoY Change 59.16% 2.09%
Gross Profit $87.09M $84.46M
YoY Change -43.57% -5.84%
Gross Profit Margin 31.91% 31.58%
Selling, General & Admin $89.74M $88.52M
YoY Change 5.02% 3.57%
% of Gross Profit 103.05% 104.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.82M $31.93M
YoY Change -4.98% -5.21%
% of Gross Profit 36.54% 37.81%
Operating Expenses $121.9M $121.3M
YoY Change 2.2% 1.57%
Operating Profit $30.27M $27.63M
YoY Change -13.52% -18.17%
Interest Expense -$20.25M $20.36M
YoY Change -6.49% -8.02%
% of Operating Profit -66.89% 73.69%
Other Income/Expense, Net $1.945M $2.427M
YoY Change -17.65% 89.02%
Pretax Income $11.97M $9.695M
YoY Change -26.2% -17.64%
Income Tax -$4.100M $700.0K
% Of Pretax Income -34.26% 7.22%
Net Earnings $15.34M $8.534M
YoY Change 11.78% 35.89%
Net Earnings / Revenue 5.62% 3.19%
Basic Earnings Per Share $0.15 $0.08
Diluted Earnings Per Share $0.15 $0.08
COMMON SHARES
Basic Shares Outstanding 102.0M shares 101.9M shares
Diluted Shares Outstanding 102.3M shares 102.4M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.6M $140.1M
YoY Change -43.75% -50.52%
Cash & Equivalents $143.6M $140.1M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $34.66M $41.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $178.3M $181.4M
YoY Change -38.21% -45.26%
LONG-TERM ASSETS
Property, Plant & Equipment $2.589B $2.613B
YoY Change -0.01% 0.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $94.57M $56.85M
YoY Change 54.97% -2.33%
Total Long-Term Assets $2.728B $2.720B
YoY Change 0.53% 0.03%
TOTAL ASSETS
Total Short-Term Assets $178.3M $181.4M
Total Long-Term Assets $2.728B $2.720B
Total Assets $2.907B $2.902B
YoY Change -3.19% -4.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $106.0M $106.5M
YoY Change 6.28% 10.93%
Accrued Expenses $18.27M $18.55M
YoY Change -5.69% -5.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.696M $2.530M
YoY Change
Total Short-Term Liabilities $138.6M $140.1M
YoY Change 6.42% 10.38%
LONG-TERM LIABILITIES
Long-Term Debt $1.394B $1.393B
YoY Change -0.44% -2.58%
Other Long-Term Liabilities $54.53M $57.14M
YoY Change -10.4% -10.12%
Total Long-Term Liabilities $1.448B $1.450B
YoY Change -0.85% -2.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.6M $140.1M
Total Long-Term Liabilities $1.448B $1.450B
Total Liabilities $1.587B $1.590B
YoY Change -1.82% -1.86%
SHAREHOLDERS EQUITY
Retained Earnings -$647.7M -$650.7M
YoY Change 3.61% 3.61%
Common Stock $1.020M $1.020M
YoY Change -5.73% -7.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.286B $1.282B
YoY Change
Total Liabilities & Shareholders Equity $2.907B $2.902B
YoY Change -3.19% -4.89%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $15.34M $8.534M
YoY Change 11.78% 35.89%
Depreciation, Depletion And Amortization $31.82M $31.93M
YoY Change -4.98% -5.21%
Cash From Operating Activities $57.21M $24.73M
YoY Change -18.69% -18.42%
INVESTING ACTIVITIES
Capital Expenditures $35.83M $33.43M
YoY Change 60.25% 187.36%
Acquisitions
YoY Change
Other Investing Activities $92.00K $1.161M
YoY Change -86.91% 8.4%
Cash From Investing Activities -$35.74M -$32.27M
YoY Change 65.03% 205.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.32M -$18.58M
YoY Change -81.94% -58.06%
NET CHANGE
Cash From Operating Activities 57.21M $24.73M
Cash From Investing Activities -35.74M -$32.27M
Cash From Financing Activities -13.32M -$18.58M
Net Change In Cash 8.146M -$26.12M
YoY Change -132.52% 6.39%
FREE CASH FLOW
Cash From Operating Activities $57.21M $24.73M
Capital Expenditures $35.83M $33.43M
Free Cash Flow $21.37M -$8.702M
YoY Change -55.47% -146.59%

Facts In Submission

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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
365910000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 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 March 31, 2024, the Company collectively owned 95.2% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 4.8% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our executive officers and current or former 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") for U.S. federal income tax purposes. 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 March 31, 2024 and 2023, the Company owned 32 lodging properties.</span></div>
CY2024Q1 xhr Number Of Top Lodging Markets For Investing
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25 market
CY2023Q1 us-gaap Number Of Real Estate Properties
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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>
CY2024Q1 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 three months ended</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> March 31, 2024, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida and Houston, Texas markets that exceeded ten percent (10%) of total revenues for the period then ended. For the three months ended March 31, 2023, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona and Houston, Texas markets that exceeded ten percent (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.</span></div>
CY2023Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Gross
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5600000 usd
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CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2024Q1 us-gaap Stock Repurchased During Period Shares
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CY2023Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
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14.03
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
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42826 shares
CY2024Q1 xhr Payments For Redemption Of Partnership Capital Units
PaymentsForRedemptionOfPartnershipCapitalUnits
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6280000 usd
CY2024Q1 us-gaap Dividends Share Based Compensation
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99000 usd
CY2023Q1 us-gaap Dividends Share Based Compensation
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67000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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8435000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8435000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6213000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6213000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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101959418 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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111777894 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
405510 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
259475 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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102364928 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Earnings Per Share Basic
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P19Y
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17551000 usd
CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Variable Lease Cost
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CY2024Q1 us-gaap Lease Cost
LeaseCost
1609000 usd
CY2024Q1 xhr Operating Lease Including Available Extension Options Weighted Average Remaining Lease Term
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P56Y
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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1618000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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2172000 usd
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2188000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2204000 usd
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22358000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32626000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14079000 usd
CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
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false

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