Tejon Ranch Co. Announces Fourth Quarter and Year-Ended December 31, 2023 Financial Results
Tejon Ranch Co. Announces Fourth Quarter and Year-Ended December 31, 2023 Financial Results
TEJON RANCH, Calif., March 06, 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 fourth quarter and year-ended December 31, 2023.
加利福尼亞州特洪牧場,2024年3月6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)今天公佈了第四季度和截至2023年12月31日的年終業績。
"In 2023, we established an important foundation for future growth with the closing of a new $160 million unsecured revolving credit facility with AgWest Farm Credit, based on the Company's deep agricultural heritage and ongoing ranching and farming operations. This new credit facility will be available to fund future real estate construction projects and other operations at favorable terms," said Gregory S. Bielli, President and CEO of Tejon Ranch Co. "Additionally, during the fourth quarter of 2023, we enhanced operations at Tejon Ranch Commerce Center by completing the construction of a 446,000 square foot pre-leased industrial building through one of our joint ventures. This new building adds another income producing asset to our robust portfolio, "We continue our progress into the first quarter of 2024, with the start of construction of Terra Vista at Tejon, a new multi-family apartment community located immediately adjacent to the Outlets at Tejon at TRCC. Terra Vista at Tejon marks the transition of TRCC to a mixed-use master-planned community, a significant milestone for our Company."
“2023年,基於公司深厚的農業傳統以及持續的牧場和農業業務,我們與AgWest Farm Credit完成了新的1.6億美元無抵押循環信貸額度,爲未來的增長奠定了重要的基礎。Tejon Ranch Co.總裁兼首席執行官格雷戈裏·比利說,這項新的信貸額度將以優惠的條件爲未來的房地產建設項目和其他運營提供資金。“此外,在2023年第四季度,我們通過一家合資企業完成了佔地44.6萬平方英尺的預租賃工業建築的建設,從而加強了Tejon Ranch商業中心的運營。這座新大樓爲我們強大的投資組合增加了另一項創收資產,“我們將繼續向2024年第一季度邁進,Tejon的Terra Vista開工建設,這是一個新的多戶公寓社區,緊鄰TRCC的Tejon奧特萊斯。Tejon的Terra Vista標誌着TRCC向混合用途總體規劃社區的過渡,這對我們公司來說是一個重要的里程碑。”
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.
- TRCC Commercial portfolio, wholly owned and through joint venture partnerships, consists of 620,907 square feet of GLA and is 96% leased.
- Construction of a 446,400 square foot industrial building was completed in December 2023. A lease for this building was secured in advance of construction.
- 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.
- Construction started in the first quarter of 2024 on Phase 1 of Terra Vista at Tejon, the Company's multi-family residential development at TRCC. Phase 1 includes 228 of the planned 495 residential units.
- 通過公司的合資夥伴關係,TRCC Industrial的投資組合包括280萬平方英尺的總可租賃面積(GLA),100%出租。
- TRCC商業投資組合由620,907平方英尺的GLA全資擁有並通過合資夥伴關係,租賃比例爲96%。
- 一座佔地446,400平方英尺的工業建築的建設已於2023年12月竣工。這座建築的租約是在施工前獲得的。
- 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。
- 該公司在TRCC的多戶住宅開發項目Tejon的Terra Vista第一階段於2024年第一季度開始施工。第一階段包括計劃中的495個住宅單元中的228個。
Fourth-Quarter 2023 Financial Highlights
2023 年第四季度財務摘要
- GAAP net income attributable to common stockholders for the fourth quarter of 2023 was $1.6 million, or net income per share attributable to common stockholders, basic and diluted, of $0.06, compared with net income attributable to common stockholders of $2.0 million, or net income per share attributable to common stockholders, basic and diluted, of $0.07, for the fourth quarter of 2022.
- Revenues and other income, including equity in earnings of unconsolidated joint ventures, for the fourth quarter of 2023 were $18.8 million, a decrease of $1.9 million, or 9%, compared with $20.7 million for the same period in 2022. Factors behind this change included:
- Commercial/industrial segment revenues decreased $5.3 million, or 63%, when compared with the fourth quarter in 2022, primarily attributable to the absence of a land contribution in the fourth quarter 2023. During the fourth quarter of 2022, the Company contributed a 27.9-acre land parcel with a fair value of $8.5 million to the Company's TRC-MRC5, LLC joint venture. The Company recognized profit of $3.0 million and deferred profit of $3.0 million for this transaction.
- The decrease mentioned above was partially offset by an increase in farming revenues by $3.4 million, or 61%, when compared to the same period in 2022. The increase was largely attributed to an increase in pistachio sales in 2023, as the 2022 crop did not bear fruit due to a mild winter.
- Adjusted EBITDA, a non-GAAP measure, was $4.8 million for the quarter ended December 31, 2023, compared with $7.2 million for the quarter ended December 31, 2022.
- 2023年第四季度歸屬於普通股股東的GAAP淨收益爲160萬美元,即歸屬於普通股股東的基本和攤薄後的每股淨收益爲0.06美元,而2022年第四季度歸屬於普通股股東的淨收益爲200萬美元,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。
- 2023年第四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1,880萬美元,與2022年同期的2,070萬美元相比減少了190萬美元,下降了9%。這一變化背後的因素包括:
- 與2022年第四季度相比,商業/工業板塊的收入減少了530萬美元,下降了63%,這主要是由於2023年第四季度沒有土地出資。在2022年第四季度,公司向公司的 TRC-MRC5, LLC合資企業出資了一塊佔地27.9英畝的土地,公允價值爲850萬美元。該公司確認本次交易的利潤爲300萬美元,遞延利潤爲300萬美元。
- 與2022年同期相比,農業收入增加了340萬美元,增長了61%,部分抵消了上述下降。增長主要歸因於2023年開心果銷量的增加,因爲由於冬季溫和,2022年的收成沒有取得成果。
- 截至2023年12月31日的季度調整後的息稅折舊攤銷前利潤(非公認會計准則指標)爲480萬美元,而截至2022年12月31日的季度爲720萬美元。
Tejon Ranch Co. provides Adjusted EBITDA, a non-GAAP financial measure, because 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了一份表格,該表格提供了調整後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,以及對該非公認會計准則指標的解釋和重要披露。
Fiscal 2023 Financial Highlights
2023 財年財務亮點
- GAAP net income attributable to common stockholders for fiscal 2023 was $3.3 million, or net income per share attributable to common stockholders, basic and diluted of $0.12, compared with net income attributable to common stockholders of $15.8 million, or $0.60 per share basic and diluted, for 2022.
- Revenues and other income, including equity in earnings of unconsolidated joint ventures, were $54.0 million in 2023, a decrease of $34.7 million, or 39%, compared with $88.7 million in 2022. Factors driving this decrease included:
- A decrease in commercial/industrial segment revenue of $28.8 million, or 71%, compared with 2022, primarily resulting from the absence of land sales in 2023.
- A decrease in mineral resources segment revenue of $7.1 million, or 33%, compared with 2022, primarily attributed to lower water sales revenue. The State Water Project (SWP) allocation was at 100% in 2023, which severely limited the Company's water sales opportunities. In 2022 the SWP allocation was 5%. Additionally, the Company experienced a decrease in royalties due to the lower price per barrel for oil production, combined with lower production volume of cement and aggregate, when compared with 2022.
- The decrease mentioned above was partially offset by a 69% decrease in income tax over the comparative period, resulting from lower operating income recognized for the year.
- Adjusted EBITDA, a non-GAAP measure, was $21.4 million for the year ended December 31, 2023, compared with $37.7 million for the year ended December 31, 2022.
- 2023財年歸屬於普通股股東的GAAP淨收益爲330萬美元,即歸屬於普通股股東的每股淨收益爲0.12美元,而2022年歸屬於普通股股東的淨收益爲1,580萬美元,基本和攤薄後每股收益爲0.60美元。
- 2023年,收入和其他收入,包括未合併合資企業的收益權益,爲5,400萬美元,與2022年的8,870萬美元相比減少了3,470萬美元,下降了39%。推動下降的因素包括:
- 與2022年相比,商業/工業板塊收入減少了2,880萬美元,下降了71%,這主要是由於2023年沒有土地銷售。
- 與2022年相比,礦產資源板塊收入下降710萬美元,下降33%,這主要是由於水銷售收入減少。2023年,州水利項目(SWP)的撥款爲100%,這嚴重限制了公司的水銷售機會。2022年,SWP的分配爲5%。此外,與2022年相比,由於每桶石油生產價格降低,加上水泥和骨料的產量減少,該公司的特許權使用費有所減少。
- 上述下降被同期所得稅減少的69%部分抵消,這是由於該年度確認的營業收入減少所致。
- 截至2023年12月31日的財年,調整後的息稅折舊攤銷前利潤是非公認會計准則指標,爲2140萬美元,而截至2022年12月31日止年度的調整後息稅折舊攤銷前利潤爲3,770萬美元。
Tejon Ranch Co. provides Adjusted EBITDA, a non-GAAP financial measure, because 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了一份表格,該表格提供了調整後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,以及對該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 December 31, 2023, total capital, including debt, was approximately $531.0 million. As of December 31, 2023, the Company had cash and securities totaling approximately $64.5 million and $108.6 million available on its line of credit.
截至2023年12月31日,包括債務在內的總資本約爲5.310億美元。截至2023年12月31日,該公司的現金和證券總額約爲6,450萬美元,其信貸額度可用資金爲1.086億美元。
2024 Outlook:
2024 年展望:
In January of 2024, the Company announced that Nestlé USA will start construction on its new distribution center at TRCC East. The new multi-story building, which will total more than 700,000 square feet, will be located on the 58-acre parcel of land that was sold to Nestlé in November 2022.
2024年1月,該公司宣佈,雀巢美國將開始在TRCC東部建造其新的配送中心。這座總面積將超過70萬平方英尺的新多層建築將位於2022年11月出售給雀巢的58英畝土地上。
The Company will continue to aggressively 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 its residential projects, including Mountain Villageat Tejon Ranch, Centennial at Tejon Ranch and Grapevine at Tejon Ranch.
該公司將繼續在TRCC及其合資企業內積極進行商業/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 along with SWP allocations. The current SWP allocation is at 15% 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SWP分配的影響。當前的SWP分配爲合同金額的15%,預計分配額可能會增加。
The Company expects its 2024 farming operations to 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 almond industry inventory levels, which may have an adverse effect on 2024 selling prices.
該公司預計,其2024年的農業業務將繼續受到更高生產成本的影響,例如燃料成本、化肥成本、害蟲防治成本和勞動力成本。該公司預計杏仁行業庫存水平將增加,這可能會對2024年的銷售價格產生不利影響。
About Tejon Ranch Co.
關於 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 15 miles south of Bakersfield.
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公司,其主要資產是其佔地27萬英畝的土地,位於洛杉磯以北約60英里處,貝克斯菲爾德以南15英里處。
More information about Tejon Ranch Co. can be found online at http://www.tejonranch.com.
有關 Tejon Ranch Co. 的更多信息,請訪問以下網址 http://www.tejonranch.com。
Forward Looking Statements:
前瞻性陳述:
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, 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.
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、未來的商品價格和收益率、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。
TEJON RANCH CO. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) | |||||||
December 31 | |||||||
2023 | 2022 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $31,907 | $39,119 | |||||
Marketable securities - available-for-sale | 32,556 | 33,444 | |||||
Accounts receivable | 8,352 | 4,453 | |||||
Inventories | 3,493 | 3,369 | |||||
Prepaid expenses and other current assets | 3,502 | 2,660 | |||||
Total current assets | 79,810 | 83,045 | |||||
Real estate and improvements - held for lease, net | 16,609 | 16,940 | |||||
Real estate development (includes $119,788 at December 31, 2023 and $115,221 at December 31, 2022, attributable to Centennial Founders, LLC, Note 17) | 337,257 | 321,293 | |||||
Property and equipment, net | 53,985 | 52,980 | |||||
Investments in unconsolidated joint ventures | 33,648 | 41,891 | |||||
Net investment in water assets | 52,130 | 47,045 | |||||
Other assets | 4,084 | 3,597 | |||||
TOTAL ASSETS | $577,523 | $566,791 | |||||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Trade accounts payable | $6,457 | $5,117 | |||||
Accrued liabilities and other | 3,214 | 3,602 | |||||
Deferred income | 1,891 | 1,531 | |||||
Current maturities of long-term debt | — | 1,779 | |||||
Total current liabilities | 11,562 | 12,029 | |||||
Long-term debt, less current portion | — | 48,161 | |||||
Revolving line of credit | 47,942 | — | |||||
Long-term deferred gains | 11,447 | 11,447 | |||||
Deferred tax liability | 8,269 | 7,180 | |||||
Other liabilities | 15,207 | 10,380 | |||||
Total liabilities | 94,427 | 89,197 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Tejon Ranch Co. Stockholders' Equity | |||||||
Common stock, $0.50 par value per share: | |||||||
Authorized shares - 50,000,000 | |||||||
Issued and outstanding shares - 26,770,545 at December 31, 2023 and 26,541,553 at December 31, 2022 | 13,386 | 13,271 | |||||
Additional paid-in capital | 345,609 | 345,344 | |||||
Accumulated other comprehensive loss | (171 | ) | (2,028 | ) | |||
Retained earnings | 108,908 | 105,643 | |||||
Total Tejon Ranch Co. Stockholders' Equity | 467,732 | 462,230 | |||||
Non-controlling interest | 15,364 | 15,364 | |||||
Total equity | 483,096 | 477,594 | |||||
TOTAL LIABILITIES AND EQUITY | $577,523 | $566,791 |
TEJON RANCH CO.和子公司 合併資產負債表 (以千計,每股數據除外) | |||||||
12 月 31 日 | |||||||
2023 | 2022 | ||||||
資產 | |||||||
流動資產: | |||||||
現金和現金等價物 | 31,907 美元 | 39,119 美元 | |||||
有價證券-可供出售 | 32,556 | 33,444 | |||||
應收賬款 | 8,352 | 4,453 | |||||
庫存 | 3,493 | 3,369 | |||||
預付費用和其他流動資產 | 3,502 | 2,660 | |||||
流動資產總額 | 79,810 | 83,045 | |||||
房地產和裝修——待租的,淨額 | 16,609 | 16,940 | |||||
房地產開發(包括截至2023年12月31日的119,788美元和截至2022年12月31日的115,221美元,歸屬於Centennial Founders, LLC,附註17) | 337,257 | 321,293 | |||||
財產和設備,淨額 | 53,985 | 52,980 | |||||
對未合併合資企業的投資 | 33,648 | 41,891 | |||||
對水資源的淨投資 | 52,130 | 47,045 | |||||
其他資產 | 4,084 | 3,597 | |||||
總資產 | 577,523 美元 | 566,791 美元 | |||||
負債和權益 | |||||||
流動負債: | |||||||
貿易應付賬款 | 6,457 美元 | 5,117 美元 | |||||
應計負債和其他 | 3,214 | 3,602 | |||||
遞延收益 | 1,891 | 1,531 | |||||
長期債務的當前到期日 | — | 1,779 | |||||
流動負債總額 | 11,562 | 12,029 | |||||
長期債務,減去流動部分 | — | 48,161 | |||||
循環信貸額度 | 47,942 | — | |||||
長期遞延收益 | 11,447 | 11,447 | |||||
遞延所得稅負債 | 8,269 | 7,180 | |||||
其他負債 | 15,207 | 10,380 | |||||
負債總額 | 94,427 | 89,197 | |||||
承付款和意外開支 | |||||||
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2023年12月31日爲26,770,545股,截至2022年12月31日爲26,541,553股 | 13,386 | 13,271 | |||||
額外的實收資本 | 345,609 | 345,344 | |||||
累計其他綜合虧損 | (171 | ) | (2,028 | ) | |||
留存收益 | 108,908 | 105,643 | |||||
Total Tejon Ranch Co.股東權益 | 467,732 | 462,230 | |||||
非控股權益 | 15,364 | 15,364 | |||||
權益總額 | 483,096 | 477,594 | |||||
負債和權益總額 | 577,523 美元 | 566,791 美元 |
TEJON RANCH CO. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except earnings per share) | ||||||||||||||
Three-Months Ended December 31, | Year Ended December 31, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Revenues: | ||||||||||||||
Real estate - commercial/industrial | $3,052 | $8,352 | $11,758 | $40,515 | ||||||||||
Mineral resources | 2,894 | 2,357 | 14,524 | 21,595 | ||||||||||
Farming | 9,098 | 5,649 | 13,950 | 13,001 | ||||||||||
Ranch operations | 1,123 | 1,095 | 4,507 | 4,106 | ||||||||||
Total revenues | 16,167 | 17,453 | 44,739 | 79,217 | ||||||||||
Costs and expenses: | ||||||||||||||
Real estate - commercial/industrial | 2,536 | 4,953 | 8,053 | 16,356 | ||||||||||
Real estate - resort/residential | 449 | 411 | 1,528 | 1,629 | ||||||||||
Mineral resources | 1,694 | 1,622 | 8,685 | 12,969 | ||||||||||
Farming | 9,613 | 5,835 | 15,257 | 19,811 | ||||||||||
Ranch operations | 1,179 | 1,316 | 5,043 | 5,024 | ||||||||||
Corporate expenses | 3,048 | 3,469 | 9,872 | 9,699 | ||||||||||
Total expenses | 18,519 | 17,606 | 48,438 | 65,488 | ||||||||||
Operating (loss) income | (2,352 | ) | (153 | ) | (3,699 | ) | 13,729 | |||||||
Other income: | ||||||||||||||
Investment income | 782 | 334 | 2,557 | 634 | ||||||||||
Other (expense) income | (410 | ) | 50 | (138 | ) | 1,088 | ||||||||
Total other income | 372 | 384 | 2,419 | 1,722 | ||||||||||
(Loss) income from operations before equity in earnings of unconsolidated joint ventures and income tax expense | (1,980 | ) | 231 | (1,280 | ) | 15,451 | ||||||||
Equity in earnings of unconsolidated joint ventures, net | 2,252 | 2,885 | 6,868 | 7,752 | ||||||||||
Income before income taxes | 272 | 3,116 | 5,588 | 23,203 | ||||||||||
Income tax (benefit) expense | (1,296 | ) | 1,131 | 2,323 | 7,393 | |||||||||
Net income | 1,568 | 1,985 | 3,265 | 15,810 | ||||||||||
Net income attributable to non-controlling interest | 3 | 1 | — | 2 | ||||||||||
Net income attributable to common stockholders | $1,565 | $1,984 | $3,265 | $15,808 | ||||||||||
Net income per share attributable to common stockholders, basic | $0.06 | $0.07 | $0.12 | $0.60 | ||||||||||
Net income per share attributable to common stockholders, diluted | $0.06 | $0.07 | $0.12 | $0.59 | ||||||||||
Weighted average number of shares outstanding: | ||||||||||||||
Common stock | 26,739,791 | 26,508,061 | 26,706,824 | 26,478,171 | ||||||||||
Common stock equivalents – stock options | 2,789 | 224,778 | — | 174,748 | ||||||||||
Diluted shares outstanding | 26,742,580 | 26,732,839 | 26,706,824 | 26,652,919 |
TEJON RANCH CO. 合併運營報表 (以千計,每股收益除外) | ||||||||||||||
三個月已結束 十二月三十一日 | 年終了 十二月三十一日 | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
收入: | ||||||||||||||
房地產-商業/工業 | 3,052 美元 | 8,352 美元 | 11,758 美元 | 40,515 美元 | ||||||||||
礦產資源 | 2,894 | 2,357 | 14,524 | 21,595 | ||||||||||
農業 | 9,098 | 5,649 | 13,950 | 13,001 | ||||||||||
牧場運營 | 1,123 | 1,095 | 4,507 | 4,106 | ||||||||||
總收入 | 16,167 | 17,453 | 44,739 | 79,217 | ||||||||||
成本和支出: | ||||||||||||||
房地產-商業/工業 | 2,536 | 4,953 | 8,053 | 16,356 | ||||||||||
房地產-度假村/住宅 | 449 | 411 | 1,528 | 1,629 | ||||||||||
礦產資源 | 1,694 | 1,622 | 8,685 | 12,969 | ||||||||||
農業 | 9613 | 5,835 | 15,257 | 19,811 | ||||||||||
牧場運營 | 1,179 | 1,316 | 5,043 | 5,024 | ||||||||||
公司開支 | 3,048 | 3,469 | 9,872 | 9,699 | ||||||||||
支出總額 | 18,519 | 17,606 | 48,438 | 65,488 | ||||||||||
營業(虧損)收入 | (2,352) | ) | (153 | ) | (3,699) | ) | 13,729 | |||||||
其他收入: | ||||||||||||||
投資收益 | 782 | 334 | 2,557 | 634 | ||||||||||
其他(支出)收入 | (410) | ) | 50 | (138) | ) | 1,088 | ||||||||
其他收入總額 | 372 | 384 | 2,419 | 1,722 | ||||||||||
(虧損)扣除權益的運營收入(未合併合資企業的收益和所得稅支出) | (1,980) | ) | 231 | (1,280 | ) | 15,451 | ||||||||
未合併合資企業的淨收益權益 | 2,252 | 2,885 | 6,868 | 7,752 | ||||||||||
所得稅前收入 | 272 | 3,116 | 5,588 | 23,203 | ||||||||||
所得稅(福利)支出 | (1,296 | ) | 1,131 | 2,323 | 7,393 | |||||||||
淨收入 | 1,568 | 1,985 | 3,265 | 15,810 | ||||||||||
歸屬於非控股權益的淨收益 | 3 | 1 | — | 2 | ||||||||||
歸屬於普通股股東的淨收益 | 1,565 美元 | 1,984 美元 | 3,265 美元 | 15,808 美元 | ||||||||||
歸屬於普通股股東的每股淨收益,基本 | 0.06 美元 | 0.07 | 0.12 美元 | 0.60 美元 | ||||||||||
歸屬於普通股股東的每股淨收益,攤薄後 | 0.06 美元 | 0.07 | 0.12 美元 | 0.59 美元 | ||||||||||
已發行股票的加權平均數: | ||||||||||||||
普通股 | 26,739,791 | 26,508,061 | 26,706,824 | 26,478,171 | ||||||||||
普通股等價物 — 股票期權 | 2,789 | 224,778 | — | 174,748 | ||||||||||
攤薄後的流通股票 | 26,742,580 | 26,732,839 | 26,706,824 | 26,652,919 |
Non-GAAP Financial Measure
非公認會計准則財務指標
This news release includes references to the Company's non-GAAP financial measure "EBITDA." EBITDA represents earnings before interest, taxes, depreciation, and amortization, a non-GAAP financial measure, and is used by us and others as a supplemental measure of performance. We use Adjusted EBITDA to assess the performance of our 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 and asset abandonment charges. We believe Adjusted EBITDA provides investors relevant and useful information because it permits investors to view income from our operations on an unleveraged basis before the effects of taxes, depreciation and amortization, stock compensation expense, and abandonment charges. By excluding interest expense and income, EBITDA and Adjusted EBITDA allow investors to measure our performance independent of our capital structure and indebtedness and, therefore, allow for a more meaningful comparison of our performance to that of other companies, both in the real estate industry and in other industries. We believe that excluding charges related to share-based compensation facilitates a comparison of our 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 our control), and the assumptions and the variety of award types that a company can use. EBITDA and Adjusted EBITDA have limitations as measures of our performance. EBITDA and Adjusted EBITDA do not reflect our 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. Further, our 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扣除利息、稅項、折舊和攤銷前的收益,這是一項非公認會計准則的財務指標,被我們和其他人用作衡量業績的補充指標。我們使用調整後的息稅折舊攤銷前利潤來評估核心業務的業績,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和資產放棄費用。我們認爲,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稅收、折舊和攤銷、股票補償支出和放棄費用影響之前,以非槓桿率查看我們的運營收入。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使投資者能夠獨立於我們的資本結構和負債來衡量我們的業績,因此,可以將我們的業績與房地產行業和其他行業的其他公司的業績進行更有意義的比較。我們認爲,排除與股份薪酬相關的費用有助於比較我們在不同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(取決於我們無法控制的市場力量)以及公司可以使用的假設和各種獎勵類型所造成的差異。衡量我們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我們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指標,但它們並不代表GAAP定義的淨收入或運營現金流。此外,我們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進行比較。
TEJON RANCH CO. Non-GAAP Financial Measures (Unaudited) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net income | $1,568 | $1,985 | $3,265 | $15,810 | |||||||||||
Net income attributed to non-controlling interest | 3 | 1 | — | 2 | |||||||||||
Interest, net: | |||||||||||||||
Consolidated | (782 | ) | (334 | ) | (2,557 | ) | (634 | ) | |||||||
Our share of interest expense from unconsolidated joint ventures | 1,261 | 1,019 | 4,879 | 2,974 | |||||||||||
Total interest, net | 479 | 685 | 2,322 | 2,340 | |||||||||||
Income tax expense | (1,296 | ) | 1,131 | 2,323 | 7,393 | ||||||||||
Depreciation and amortization: | |||||||||||||||
Consolidated | 1,803 | 1,286 | 4,806 | 4,628 | |||||||||||
Our share of depreciation and amortization from unconsolidated joint ventures | 1,413 | 1,281 | 5,418 | 4,618 | |||||||||||
Total depreciation and amortization | 3,216 | 2,567 | 10,224 | 9,246 | |||||||||||
EBITDA | $3,964 | $6,367 | $18,134 | $34,787 | |||||||||||
Stock compensation expense | $883 | $789 | $3,252 | $2,877 | |||||||||||
Adjusted EBITDA | $4,847 | $7,156 | $21,386 | $37,664 |
TEJON RANCH CO. 非公認會計准則財務指標 (未經審計) | |||||||||||||||
三個月已結束 十二月三十一日 | 年終了 十二月三十一日 | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
淨收入 | 1,568 美元 | 1,985 美元 | 3,265 美元 | 15,810 美元 | |||||||||||
歸因於非控股權益的淨收入 | 3 | 1 | — | 2 | |||||||||||
利息,淨額: | |||||||||||||||
合併 | (782 | ) | (334) | ) | (2,557 | ) | (634 | ) | |||||||
我們在未合併合資企業的利息支出中所佔份額 | 1,261 | 1,019 | 4,879 | 2,974 | |||||||||||
總利息,淨額 | 479 | 685 | 2,322 | 2,340 | |||||||||||
所得稅支出 | (1,296 | ) | 1,131 | 2,323 | 7,393 | ||||||||||
折舊和攤銷: | |||||||||||||||
合併 | 1,803 | 1,286 | 4,806 | 4,628 | |||||||||||
我們在未合併合資企業的折舊和攤銷中所佔的份額 | 1,413 | 1,281 | 5,418 | 4,618 | |||||||||||
折舊和攤銷總額 | 3,216 | 2,567 | 10,224 | 9,246 | |||||||||||
EBITDA | 3,964 美元 | 6,367 美元 | 18,134 美元 | 34,787 美元 | |||||||||||
股票補償費用 | 883 美元 | 789 美元 | 3,252 美元 | 2,877 美元 | |||||||||||
調整後 EBITDA | 4,847 美元 | 7,156 美元 | 21,386 美元 | 37,664 美元 |
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
Pondel Wilkinson
Laurie Berman, 310-279-5980
lberman@pondel.com
龐德爾·威爾金森
勞裏·伯曼,310-279-5980
lberman@pondel.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