Tejon Ranch Co. Announces First Quarter 2024 Financial Results
Tejon Ranch Co. Announces First Quarter 2024 Financial Results
TEJON RANCH, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Tejon Ranch Co., or the Company, (NYSE:TRC), a diversified real estate development and agribusiness company, today announced financial results for the three-months ended March 31, 2024.
加利福尼亞州特洪牧場,2024年5月7日(GLOBE NEWSWIRE)——多元化房地產開發和農業綜合企業公司Tejon Ranch Co.(紐約證券交易所代碼:TRC)今天公佈了截至2024年3月31日的三個月的財務業績。
"During the first quarter of 2024, the Company continued its strategic focus on unlocking the value of our unique land assets, including commencement of construction of our first residential community, Terra Vista at Tejon, a new multi-family apartment community located immediately adjacent to the Outlets at Tejon. The community will have 228 residences in the first phase with the first units expected to be delivered in the second quarter of 2025. This development marks the Company's evolution as a real estate development company by adding residential communities on the Ranch, adding to the vibrancy of the Ranch, and providing much-needed new housing for the region," said Gregory S. Bielli, President, and CEO of Tejon Ranch Co. "We are also continuing our aggressive fight for our Centennial at Tejon master planned community. While pushing strongly on the litigation front, we have initiated our efforts in Los Angeles County to enhance our existing project approvals by advertising our notice of preparation for a soon-to-be released Supplemental Environmental Impact Report (SEIR)," continued Bielli.
“在2024年第一季度,公司繼續將戰略重點放在釋放我們獨特土地資產的價值上,包括開始建造我們的第一個住宅社區Terra Vista at Tejon,這是一個新的多戶公寓社區,緊鄰特洪奧特萊斯。該社區在第一階段將擁有228套住宅,第一批單元預計將於2025年第二季度交付。Tejon Ranch Co.總裁兼首席執行官格雷戈裏·比利說,這一開發項目標誌着該公司作爲房地產開發公司的發展,在牧場上增加了住宅社區,增加了牧場的活力,併爲該地區提供了急需的新住房。“我們還在繼續爲Tejon總體規劃社區的百年慶而奮鬥。在大力推動訴訟的同時,我們在洛杉磯縣開始努力,通過宣傳我們爲即將發佈的補充環境影響報告(SEIR)做準備的通知,以加強我們現有的項目批准,” 比耶利繼續說道。
Commercial/Industrial Real Estate Highlights
商業/工業房地產亮點
- TRCC industrial portfolio, through the Company's joint venture partnerships, consists of 2.8 million square feet of gross leasable area (GLA), and is 100% leased. In total, TRCC comprises 7.1 million square feet of GLA.
- TRCC commercial portfolio, wholly owned and through joint venture partnerships, comprises 620,907 square feet of GLA and is 95% leased.
- Construction started in February 2024 on Phase 1 of Terra Vista at Tejon, the Company's multi-family residential development adjacent to the Outlets at Tejon. Phase 1 includes 228 of the planned 495 residential units, with the first units becoming available in the first half of 2025 and the remaining units in this phase coming online soon thereafter. See www.tejonranchliving.com for further information.
- Construction of a new distribution facility for Nestlé USA is underway on the east side of TRCC, which will total more than 700,000 square feet.
- Signed a lease with a manufacturer and distributor of industrial components for 240,000 square feet of space that was previously occupied by Sunrise Brands, an apparel company. Sunrise relocated to the new 446,400 square foot building in January 2024.
- 通過公司的合資夥伴關係,TRCC的工業投資組合包括280萬平方英尺的總可租賃面積(GLA),並且是 100% 租賃的。TRCC總共包括710萬平方英尺的GLA。
- TRCC的商業投資組合由全資持有並通過合資夥伴關係提供,包括620,907平方英尺的GLA面積,95%的租賃率。
- 位於泰洪的Terra Vista的第一階段於2024年2月開始施工,這是該公司毗鄰特洪奧特萊斯的多戶住宅開發項目。第一階段包括計劃中的495套住宅單元中的228套,第一批單元將於2025年上半年上市,該階段的其餘單元不久將上線。參見 www.tejonranchliving.com 以獲取更多信息。
- 美國雀巢的新配送設施正在TRCC東側建設中,總面積將超過70萬平方英尺。
- 與一家工業零部件製造商和分銷商簽訂了24萬平方英尺空間的租約,該空間以前由服裝公司Sunrise Brands佔用。Sunrise 於 2024 年 1 月遷至這座佔地 446,400 平方英尺的新建築。
- Outlets at Tejon is celebrating its 10-year anniversary in 2024, with occupancy over 90% as of March 31, 2024. We continue to attract new tenants, with America sportswear company Under Armour moving in during the third quarter of 2023.
- Tejon的門店將於2024年慶祝其成立十週年,截至2024年3月31日,入住率超過90%。我們繼續吸引新的租戶,美國運動服公司安德瑪將於2023年第三季度入住。
First Quarter 2024 Financial Results
2024 年第一季度財務業績
- GAAP net loss attributable to common stockholders for the first quarter of 2024 was $0.9 million, or net loss per share attributable to common stockholders, basic and diluted, of $0.03. For the first quarter of 2023, the Company had net income attributable to common stockholders of $1.8 million, or net income per share attributable to common stockholders, basic and diluted, of $0.07.
- The primary driver of this decrease resulted from the Company's mineral resources segment, in which operating profit declined $2.5 million over the comparative period, mainly due to lower water sales revenue resulting from heavy rainfall in California.
- Additionally, expenses in resort/residential segment increased by $1.2 million due to higher professional service fees incurred during this period.
- Partially offsetting this decrease was $0.9 million of tax benefits recorded during this quarter compared to $1.0 million of tax provisions recorded over the comparative period.
- Revenues and other income, including equity in earnings of unconsolidated joint ventures, for the first quarter of 2024 were $9.5 million, compared with $14.6 million for the first quarter of 2023.
- The primary driver of this decrease was the mineral resources segment, whose revenue declined $4.4 million over the comparative period due to lower water sales revenue realized during the quarter.
- Adjusted EBITDA, a non-GAAP measure, was $2.1 million for the first quarter ended March 31, 2024, compared with $6.4 million for the same period in 2023.
- 2024年第一季度歸屬於普通股股東的GAAP淨虧損爲90萬美元,基本和攤薄後歸屬於普通股股東的每股淨虧損爲0.03美元。2023年第一季度,公司歸屬於普通股股東的淨收益爲180萬美元,或歸屬於普通股股東的基本和攤薄後的每股淨收益爲0.07美元。
- 下降的主要驅動力來自該公司的礦產資源板塊,該板塊的營業利潤同比下降了250萬美元,這主要是由於加利福尼亞的暴雨導致水銷售收入減少。
- 此外,由於在此期間產生的專業服務費增加,度假村/住宅領域的支出增加了120萬美元。
- 本季度錄得的90萬美元稅收優惠部分抵消了這一下降,而同期的稅收準備金爲100萬美元。
- 2024年第一季度的收入和其他收入,包括未合併合資企業的收益權益,爲950萬美元,而2023年第一季度爲1,460萬美元。
- 下降的主要驅動力是礦產資源板塊,由於本季度實現的水銷售收入減少,該板塊的收入同比下降了440萬美元。
- 調整後的息稅折舊攤銷前利潤是一項非公認會計准則指標,截至2024年3月31日的第一季度爲210萬美元,而2023年同期爲640萬美元。
Tejon Ranch Co. provides Adjusted EBITDA, a non-GAAP financial measure, because management believes it offers additional information for monitoring the Company's cash flow performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of, and important disclosures about, this non-GAAP measure, is included in the tables at the end of this press release.
Tejon Ranch Co. 提供調整後的息稅折舊攤銷前利潤,這是一項非公認會計准則財務指標,因爲管理層認爲它爲監控公司的現金流表現提供了更多信息。本新聞稿末尾的表格中包含一份表格,該表格顯示了調整後的息稅折舊攤銷前利潤與其最具可比性的GAAP指標的對賬情況,以及對這項非公認會計准則指標的解釋和重要披露。
Liquidity and Capital Resources
流動性和資本資源
- As of March 31, 2024, total market capitalization, including pro rata share (PRS) of unconsolidated joint venture debt, was approximately $574.7 million, consisting of an equity market capitalization of $412.9 million and $161.8 million of debt, and our debt to total market capitalization was 28%. As of March 31, 2024, the Company had cash and securities totaling approximately $60.7 million and $108.6 million available on its line of credit, for total liquidity of $169.3 million. The ratio of net debt, including PRS of unconsolidated joint venture debt, of $101.1 million, to trailing twelve months adjusted EBITDA of $17.1 million was 5.9x.
- 截至2024年3月31日,包括未合併合資企業債務的按比例分配(PRS)在內的總市值約爲5.747億美元,包括4.129億美元的股票市值和1.618億美元的債務,我們的債務佔總市值的比例爲28%。截至2024年3月31日,該公司的現金和證券總額約爲6,070萬美元,可用的信貸額度爲1.086億美元,總流動性爲1.693億美元。包括未合併合資企業債務的PRS在內的淨負債爲1.011億美元,與過去十二個月調整後的息稅折舊攤銷前利潤1710萬美元的比率爲5.9倍。
2024 Outlook:
The Company will continue to strategically pursue commercial/industrial development, multi-family development, leasing, sales, and investment within TRCC and its joint ventures. The Company also will continue to invest in to advance its residential projects, including Mountain Villageat Tejon Ranch, Centennial at Tejon Ranch and Grapevine at Tejon Ranch.
2024 年展望:
公司將繼續戰略性地在TRCC及其合資企業內進行商業/工業開發、多戶住宅開發、租賃、銷售和投資。該公司還將繼續投資以推進其住宅項目,包括泰洪牧場的Mountain Villageat、Tejon Ranch的Centennial和Tejon Ranch的Grapevine。
California is one of the most highly regulated states in which to engage in real estate development and, as such, natural delays, including those resulting from litigation, can be reasonably anticipated. Accordingly, throughout the next few years, the Company expects net income to fluctuate from year-to-year based on the above-mentioned activity, along with commodity prices, production within its farming and mineral resources segments, and the timing of land sales and leasing of land within its industrial developments.
加利福尼亞州是房地產開發監管最嚴格的州之一,因此,自然延遲,包括訴訟造成的延遲,是可以合理預期的。因此,該公司預計,在未來幾年中,淨收入將根據上述活動以及大宗商品價格、農業和礦產資源板塊的產量以及工業開發區內土地出售和租賃的時間而逐年波動。
Water sales opportunities each year are impacted by the total precipitation and snowpack runoff in Northern California from winter storms, as well as State Water Project, or SWP, allocations. The current SWP allocation is at 40% of contract amounts, with the expectation that the allocation may increase.
每年的水銷售機會都受到冬季風暴造成的北加州總降水量和積雪徑流以及州水利項目(SWP)撥款的影響。當前的SWP分配爲合同金額的40%,預計分配額可能會增加。
The Company's farming operations in 2024 continue to be impacted by higher costs of production such as fuel costs, fertilizer costs, pest control costs, and labor costs. The Company is anticipating higher 2024 almond industry crop production, which may have an adverse effect on 2024 selling prices.
該公司在2024年的農業業務繼續受到燃料成本、化肥成本、害蟲防治成本和勞動力成本等生產成本上漲的影響。該公司預計,2024年杏仁行業的農作物產量將增加,這可能會對2024年的銷售價格產生不利影響。
About Tejon Ranch Co.
Tejon Ranch Co. (NYSE: TRC) is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield.
關於 Tejon Ranch Co.
Tejon Ranch Co.紐約證券交易所股票代碼:TRC)是一家多元化的房地產開發和農業綜合企業,其主要資產是其佔地27萬英里的土地,位於洛杉磯以北約60英里處,貝克斯菲爾德以南30英里處。
More information about Tejon Ranch Co. can be found on the Company's website at www.tejonranch.com.
有關 Tejon Ranch Co. 的更多信息,請訪問該公司的網站 www.tejonranch.com。
Forward Looking Statements:
The statements contained herein, which are not historical facts, are forward-looking statements based on economic forecasts, strategic plans and other factors, which by their nature involve risk and uncertainties. In particular, among the factors that could cause actual results to differ materially are the following: business conditions and the general economy, future commodity prices and yields, external market forces, the ability to obtain various governmental entitlements and permits, interest rates, and other risks inherent in real estate and agriculture businesses. For further information on factors that could affect the Company, the reader should refer to the Company's filings with the Securities and Exchange Commission.
前瞻性陳述:
此處包含的陳述不是歷史事實,是基於經濟預測、戰略計劃和其他因素的前瞻性陳述,這些因素本質上涉及風險和不確定性。特別是,可能導致實際結果出現重大差異的因素包括:商業狀況和總體經濟、未來的大宗商品價格和收益率、外部市場力量、獲得各種政府權利和許可證的能力、利率以及房地產和農業企業固有的其他風險。有關可能影響公司的因素的更多信息,讀者應參閱公司向美國證券交易委員會提交的文件。
(Financial tables follow)
(財務表見下文)
TEJON RANCH CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) | |||||||
March 31, 2024 | December 31, 2023 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 35,552 | $ | 31,907 | |||
Marketable securities - available-for-sale | 25,119 | 32,556 | |||||
Accounts receivable | 3,694 | 8,352 | |||||
Inventories | 5,821 | 3,493 | |||||
Prepaid expenses and other current assets | 4,477 | 3,502 | |||||
Total current assets | 74,663 | 79,810 | |||||
Real estate and improvements - held for lease, net | 16,559 | 16,609 | |||||
Real estate development (includes $121,133 at March 31, 2024 and $119,788 at December 31, 2023, attributable to CFL, Note 14) | 342,198 | 337,257 | |||||
Property and equipment, net | 55,172 | 53,985 | |||||
Investments in unconsolidated joint ventures | 30,075 | 33,648 | |||||
Net investment in water assets | 58,023 | 52,130 | |||||
Other assets | 4,941 | 4,084 | |||||
TOTAL ASSETS | $ | 581,631 | $ | 577,523 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Trade accounts payable | $ | 9,752 | $ | 6,457 | |||
Accrued liabilities and other | 3,186 | 3,214 | |||||
Deferred income | 2,421 | 1,891 | |||||
Total current liabilities | 15,359 | 11,562 | |||||
Revolving line of credit | 47,942 | 47,942 | |||||
Long-term deferred gains | 11,447 | 11,447 | |||||
Deferred tax liability | 8,267 | 8,269 | |||||
Other liabilities | 15,894 | 15,207 | |||||
Total liabilities | 98,909 | 94,427 | |||||
Commitments and contingencies (Note 11) | |||||||
Equity: | |||||||
Tejon Ranch Co. Stockholders' Equity | |||||||
Common stock, $0.50 par value per share: | |||||||
Authorized shares - 50,000,000 | |||||||
Issued and outstanding shares - 26,797,440 at March 31, 2024 and 26,770,545 at December 31, 2023 | 13,400 | 13,386 | |||||
Additional paid-in capital | 346,141 | 345,609 | |||||
Accumulated other comprehensive loss | (177) | (171) | |||||
Retained earnings | 107,994 | 108,908 | |||||
Total Tejon Ranch Co. Stockholders' Equity | 467,358 | 467,732 | |||||
Non-controlling interest | 15,364 | 15,364 | |||||
Total equity | 482,722 | 483,096 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 581,631 | $ | 577,523 |
TEJON 牧場有限公司和子公司 合併資產負債表 (以千計,每股數據除外) | |||||||
3月31日 2024 | 十二月 31, 2023 | ||||||
(未經審計) | |||||||
資產 | |||||||
流動資產: | |||||||
現金和現金等價物 | $ | 35,552 | $ | 31,907 | |||
有價證券-可供出售 | 25,119 | 32,556 | |||||
應收賬款 | 3,694 | 8,352 | |||||
庫存 | 5,821 | 3,493 | |||||
預付費用和其他流動資產 | 4,477 | 3,502 | |||||
流動資產總額 | 74,663 | 79,810 | |||||
房地產和裝修——待租的,淨額 | 16,559 | 16,609 | |||||
房地產開發(包括截至2024年3月31日的121,133美元和截至2023年12月31日的119,788美元,歸因於CFL,註釋14) | 342,198 | 337,257 | |||||
財產和設備,淨額 | 55,172 | 53,985 | |||||
對未合併合資企業的投資 | 30,075 | 33,648 | |||||
對水資源的淨投資 | 58,023 | 52,130 | |||||
其他資產 | 4,941 | 4,084 | |||||
總資產 | $ | 581,631 | $ | 577,523 | |||
負債和權益 | |||||||
流動負債: | |||||||
貿易應付賬款 | $ | 9,752 | $ | 6,457 | |||
應計負債和其他 | 3,186 | 3,214 | |||||
遞延收益 | 2,421 | 1,891 | |||||
流動負債總額 | 15,359 | 11,562 | |||||
循環信貸額度 | 47,942 | 47,942 | |||||
長期遞延收益 | 11,447 | 11,447 | |||||
遞延所得稅負債 | 8,267 | 8,269 | |||||
其他負債 | 15,894 | 15,207 | |||||
負債總額 | 98,909 | 94,427 | |||||
承付款和或有開支(注11) | |||||||
股權: | |||||||
Tejon Ranch Co.股東權益 | |||||||
普通股,每股面值0.50美元: | |||||||
授權股票-5000萬股 | |||||||
已發行和流通股票——截至2024年3月31日爲26,797,440股,截至2023年12月31日爲26,770,545股 | 13,400 | 13,386 | |||||
額外的實收資本 | 346,141 | 345,609 | |||||
累計其他綜合虧損 | (177) | (171) | |||||
留存收益 | 107,994 | 108,908 | |||||
Total Tejon Ranch Co.股東權益 | 467,358 | 467,732 | |||||
非控股權益 | 15,364 | 15,364 | |||||
權益總額 | 482,722 | 483,096 | |||||
負債和權益總額 | $ | 581,631 | $ | 577,523 |
TEJON RANCH CO. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share amounts) | ||||||
Three Months Ended March 31, | ||||||
2024 | 2023 | |||||
Revenues: | ||||||
Real estate - commercial/industrial | $ | 2,945 | $ | 2,676 | ||
Mineral resources | 2,489 | 6,912 | ||||
Farming | 865 | 1,185 | ||||
Ranch operations | 1,107 | 1,492 | ||||
Total revenues | 7,406 | 12,265 | ||||
Costs and Expenses: | ||||||
Real estate - commercial/industrial | 1,927 | 1,695 | ||||
Real estate - resort/residential | 1,561 | 388 | ||||
Mineral resources | 2,116 | 4,066 | ||||
Farming | 2,067 | 2,013 | ||||
Ranch operations | 1,227 | 1,330 | ||||
Corporate expenses | 2,492 | 2,287 | ||||
Total expenses | 11,390 | 11,779 | ||||
Operating (loss) income | (3,984) | 486 | ||||
Other Income (Loss): | ||||||
Investment income | 685 | 456 | ||||
Other (loss) income, net | (70) | 334 | ||||
Total other income | 615 | 790 | ||||
(Loss) income from operations before equity in earnings of unconsolidated joint ventures and income tax | (3,369) | 1,276 | ||||
Equity in earnings of unconsolidated joint ventures, net | 1,513 | 1,517 | ||||
(Loss) income before income tax expense | (1,856) | 2,793 | ||||
Income tax (benefit) expense | (942) | 1,013 | ||||
Net (loss) income | (914) | 1,780 | ||||
Net income attributable to non-controlling interest | — | 6 | ||||
Net (loss) income attributable to common stockholders | $ | (914) | $ | 1,774 | ||
Net (loss) income per share attributable to common stockholders, basic | $ | (0.03) | $ | 0.07 | ||
Net (loss) income per share attributable to common stockholders, diluted | $ | (0.03) | $ | 0.07 |
TEJON 牧場有限公司和子公司 未經審計的合併運營報表 (千美元,每股金額除外) | ||||||
截至3月31日的三個月 | ||||||
2024 | 2023 | |||||
收入: | ||||||
房地產-商業/工業 | $ | 2,945 | $ | 2,676 | ||
礦產資源 | 2,489 | 6,912 | ||||
農業 | 865 | 1,185 | ||||
牧場運營 | 1,107 | 1,492 | ||||
總收入 | 7,406 | 12,265 | ||||
成本和支出: | ||||||
房地產-商業/工業 | 1,927 | 1,695 | ||||
房地產-度假村/住宅 | 1,561 | 388 | ||||
礦產資源 | 2,116 | 4,066 | ||||
農業 | 2,067 | 2,013 | ||||
牧場運營 | 1,227 | 1,330 | ||||
公司開支 | 2,492 | 2,287 | ||||
支出總額 | 11,390 | 11,779 | ||||
營業(虧損)收入 | (3,984) | 486 | ||||
其他收入(虧損): | ||||||
投資收益 | 685 | 456 | ||||
其他(虧損)收入,淨額 | (70) | 334 | ||||
其他收入總額 | 615 | 790 | ||||
(虧損)未合併合資企業收益和所得稅前權益前的運營收入 | (3,369) | 1,276 | ||||
未合併合資企業的淨收益權益 | 1,513 | 1,517 | ||||
所得稅支出前的(虧損)收入 | (1,856) | 2,793 | ||||
所得稅(福利)支出 | (942) | 1,013 | ||||
淨(虧損)收入 | (914) | 1,780 | ||||
歸屬於非控股權益的淨收益 | — | 6 | ||||
歸屬於普通股股東的淨(虧損)收益 | $ | (914) | $ | 1,774 | ||
歸屬於普通股股東的每股淨(虧損)收益,基本 | $ | (0.03) | $ | 0.07 | ||
攤薄後歸屬於普通股股東的每股淨(虧損)收益 | $ | (0.03) | $ | 0.07 |
Non-GAAP Financial Measure
非公認會計准則財務指標
This press release includes references to the Company's non-GAAP financial measure "EBITDA." EBITDA represents the Company's share of consolidated net income in accordance with GAAP, before interest, taxes, depreciation, and amortization, plus the allocable portion of EBITDA of unconsolidated joint ventures accounted for under the equity method of accounting based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. EBITDA is a non-GAAP financial measure and is used by the Company and others as a supplemental measure of performance. Tejon Ranch uses Adjusted EBITDA to assess the performance of the Company's core operations, for financial and operational decision making, and as a supplemental or additional means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as EBITDA, excluding stock compensation expense. The Company believes Adjusted EBITDA provides investors relevant and useful information because it permits investors to view income from operations on an unlevered basis before the effects of taxes, depreciation and amortization, and stock compensation expense. By excluding interest expense and income, EBITDA and Adjusted EBITDA allow investors to measure the Company's performance independent of its capital structure and indebtedness and, therefore, allow for a more meaningful comparison of the Company's performance to that of other companies, both in the real estate industry and in other industries. The Company believes that excluding charges related to share-based compensation facilitates a comparison of its operations across periods and among other companies without the variances caused by different valuation methodologies, the volatility of the expense (which depends on market forces outside the Company's control), and the assumptions and the variety of award types that a company can use. EBITDA and Adjusted EBITDA have limitations as measures of the Company's performance. EBITDA and Adjusted EBITDA do not reflect Tejon Ranch's historical cash expenditures or future cash requirements for capital expenditures or contractual commitments. While EBITDA and Adjusted EBITDA are relevant and widely used measures of performance, they do not represent net income or cash flows from operations as defined by GAAP, and they should not be considered as alternatives to those indicators in evaluating performance or liquidity. Further, the Company's computation of EBITDA and Adjusted EBITDA may not be comparable to similar measures reported by other companies.
本新聞稿提到了公司的非公認會計准則財務指標 “息稅折舊攤銷前利潤”。息稅折舊攤銷前利潤是指公司根據公認會計原則,扣除利息、稅項、折舊和攤銷前的合併淨收益中所佔的份額,加上未合併合資企業按權益會計法覈算的基於經濟所有權利息的息稅折舊攤銷前利潤的可分配部分,全部根據公認會計原則一致確定。息稅折舊攤銷前利潤是一項非公認會計准則財務指標,被公司和其他公司用作衡量業績的補充指標。Tejon Ranch使用調整後的息稅折舊攤銷前利潤來評估公司核心業務的業績,用於財務和運營決策,並作爲持續評估各期比較的補充或額外手段。調整後的息稅折舊攤銷前利潤按息稅折舊攤銷前利潤計算,不包括股票薪酬支出。該公司認爲,調整後的息稅折舊攤銷前利潤爲投資者提供了相關且有用的信息,因爲它允許投資者在未受稅收、折舊和攤銷以及股票補償支出的影響之前無限制地查看運營收入。通過排除利息支出和收入,息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤允許投資者獨立於資本結構和負債來衡量公司的業績,因此,可以對公司的業績與其他公司的業績進行更有意義的比較,無論是在房地產行業還是在其他行業。該公司認爲,排除與股份薪酬相關的費用有助於比較其各時期和其他公司的運營情況,而不會出現由不同的估值方法、支出的波動性(取決於公司無法控制的市場力量)、假設和公司可以使用的獎勵類型種類所造成的差異。衡量公司業績的息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤有侷限性。息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤不反映Tejon Ranch的歷史現金支出或資本支出或合同承諾的未來現金需求。儘管息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤是相關且廣泛使用的績效衡量標準,但它們並不代表GAAP定義的淨收入或運營現金流,在評估業績或流動性時,不應將其視爲這些指標的替代方案。此外,公司對息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤的計算可能無法與其他公司報告的類似指標相提並論。
TEJON RANCH CO. Non-GAAP Financial Measures (Unaudited) | |||||||
Three Months Ended March 31, | |||||||
($ in thousands) | 2024 | 2023 | |||||
Net (loss) income | $ | (914) | $ | 1,780 | |||
Net income attributable to non-controlling interest | — | 6 | |||||
Interest, net | |||||||
Consolidated | (685) | (456) | |||||
Our share of interest expense from unconsolidated joint ventures | 1,543 | 1,175 | |||||
Total interest, net | 858 | 719 | |||||
Income taxes | (942) | 1,013 | |||||
Depreciation and amortization: | |||||||
Consolidated | 1,006 | 988 | |||||
Our share of depreciation and amortization from unconsolidated joint ventures | 1,607 | 1,274 | |||||
Total depreciation and amortization | 2,613 | 2,262 | |||||
EBITDA | 1,615 | 5,768 | |||||
Stock compensation expense | 513 | 621 | |||||
Adjusted EBITDA | $ | 2,128 | $ | 6,389 |
TEJON RANCH CO. 非公認會計准則財務指標 (未經審計) | |||||||
截至3月31日的三個月 | |||||||
(以千美元計) | 2024 | 2023 | |||||
淨(虧損)收入 | $ | (914) | $ | 1,780 | |||
歸屬於非控股權益的淨收益 | — | 6 | |||||
利息,淨額 | |||||||
合併 | (685) | (456) | |||||
我們在未合併合資企業的利息支出中所佔份額 | 1,543 | 1,175 | |||||
總利息,淨額 | 858 | 719 | |||||
所得稅 | (942) | 1,013 | |||||
折舊和攤銷: | |||||||
合併 | 1,006 | 988 | |||||
我們在未合併合資企業的折舊和攤銷中所佔的份額 | 1,607 | 1,274 | |||||
折舊和攤銷總額 | 2,613 | 2,262 | |||||
EBITDA | 1,615 | 5,768 | |||||
股票補償費用 | 513 | 621 | |||||
調整後 EBITDA | $ | 2,128 | $ | 6,389 |
Summary of Outstanding Debt as of March 31, 2024 (Unaudited) | ||||||
Entity/Borrowing | Amount | % Share | PRS Debt | |||
Revolving line-of-credit | $ | 47,942 | 100% | $ | 47,942 | |
Petro Travel Plaza Holdings, LLC | 12,365 | 60% | 7,419 | |||
TRCC/Rock Outlet Center, LLC | 20,776 | 50% | 10,388 | |||
TRC-MRC 1, LLC | 21,979 | 50% | 10,990 | |||
TRC-MRC 2, LLC | 21,766 | 50% | 10,883 | |||
TRC-MRC 3, LLC | 33,404 | 50% | 16,702 | |||
TRC-MRC 4, LLC | 61,556 | 50% | 30,778 | |||
TRC-MRC 5, LLC | 53,354 | 50% | 26,677 | |||
Total | $ | 273,142 | $ | 161,779 |
截至2024年3月31日的未償債務摘要 (未經審計) | ||||||
實體/借款 | 金額 | % 份額 | PRS 債務 | |||
循環信貸額度 | $ | 47,942 | 100% | $ | 47,942 | |
石油旅行廣場控股有限責任公司 | 12,365 | 60% | 7,419 | |||
TRCC/Rock 奧特萊斯中心有限責任公司 | 20,776 | 50% | 10,388 | |||
TRC-MRC 1, LLC | 21,979 | 50% | 10,990 | |||
TRC-MRC 2, LLC | 21,766 | 50% | 10,883 | |||
TRC-MRC 3, LLC | 33,404 | 50% | 16,702 | |||
TRC-MRC 4, LLC | 61,556 | 50% | 30,778 | |||
TRC-MRC 5, LLC | 53,354 | 50% | 26,677 | |||
總計 | $ | 273,142 | $ | 161,779 |
Market Capitalization and Debt Ratios (Unaudited) | |||
March 31, 2024 | |||
Period End Share Price | $ | 15.41 | |
Outstanding Shares | 26,797,440 | ||
Equity Market Capitalization as of Reporting Date | $ | 412,949 | |
Total Debt including PRS Unconsolidated Joint Venture Debt | $ | 161,779 | |
Total Market Capitalization | $ | 574,728 | |
Debt to total market capitalization | 28.1% | ||
Net debt, including PRS unconsolidated joint venture debt, to TTM adjusted EBITDA | 5.9 |
市值和負債比率 (未經審計) | |||
3月31日 2024 | |||
期末股價 | $ | 15.41 | |
已發行股份 | 26,797,440 | ||
截至報告日的股票市值 | $ | 412,949 | |
總負債包括 PRS 未合併合資企業債務 | $ | 161,779 | |
總市值 | $ | 574,728 | |
債務佔總市值的比例 | 28.1% | ||
淨負債,包括PRS未合併的合資企業債務,佔TTM調整後的息稅折舊攤銷前利潤 | 5.9 |
Tejon Ranch Co.
Brett A. Brown, 661-248-3000
Executive Vice President, Chief Financial Officer
Tejon Ranch Co.
Brett A. Brown,661-248-3000
執行副總裁、首席財務官
ICR Strategic Communications & Advisory
Stephen Swett, 203-682-8377
stephen.swett@icrinc.com
icrinc.com
ICR 戰略傳播與諮詢
斯蒂芬·斯威特,203-682-8377
stephen.swett@icrinc.com
icrinc.com
RPM Public Relations
Rae Pardini Matson, 559-205-0721
rae@rpm-pr.com
RPM-PR.com
RPM 公共關係
雷·帕迪尼·馬特森,559-205-0721
rae@rpm-pr.com
RPM-PR.com
Source: Tejon Ranch Co
資料來源:Tejon Ranch Co
譯文內容由第三人軟體翻譯。