Highwoods Properties, Inc. (HIW) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	454	463	483	516	557	608	605	666	703	720	736	737	768	829	834
+ Sales & Services Revenue	454	463	483	516	557	608	605	666	703	720	736	737	768	829	834
- Cost of Revenue	164	164	176	187	203	226	216	231	237	242	249	232	236	260	269
+ Cost of Goods & Services	164	164	176	187	203	226	216	231	237	242	249	232	236	260	269
Gross Profit	290	299	307	329	353	383	389	435	466	478	487	505	532	569	565
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	168	169	179	194	214	232	240	258	267	270	299	283	300	330	342
+ Selling, General & Admin	37	33	36	37	37	36	38	38	40	40	44	41	41	42	43
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	131	136	143	156	177	196	202	220	228	230	255	242	259	288	299
Operating Income (Loss)	122	130	128	135	139	151	149	176	198	208	189	222	232	239	223
- Non-Operating (Income) Loss	76	66	83	84	77	35	64	54	7	30	47	-135	-92	75	72
+ Interest Expense, Net	79	87	89	89	86	80	84	74	67	69	82	81	86	105	137
+ Interest Expense	87	93	96	96	93	86	86	77	69	71	82	81	86	105	137
- Interest Income	8	6	7	7	7	5	2	2	2	2	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-3	-21	-5	-5	-10	-45	-20	-21	-60	-39	-34	-216	-177	-30	-65
Pretax Income	46	64	45	51	63	116	86	123	192	178	142	358	323	164	151
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	38	72	45	51	63	116	86	123	192	178	142	358	323	164	151
- Net Extraordinary Losses (Gains)	-17	7	2	-24	-57	10	-7	-385	13	12	10	21	20	10	5
+ Discontinued Operations	24	- -	3	34	68	- -	16	419	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-41	7	-1	-58	-125	9	-23	-803	13	12	10	21	20	10	5
Income (Loss) Incl. MI	55	65	42	75	120	106	93	507	179	166	132	337	303	154	146
- Minority Interest	-3	-4	-3	-5	-6	-5	-4	-17	-6	-6	-5	-11	-10	-5	-3
Net Income, GAAP	58	68	45	80	125	111	97	524	185	172	137	347	313	159	149
- Preferred Dividends	7	7	5	3	3	3	3	3	2	2	2	2	2	2	2
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	52	62	41	77	123	108	95	522	183	169	134	345	311	157	146
Basic Weighted Avg Shares	68	72	72	76	85	91	94	98	103	103	104	104	104	105	106
Basic EPS, GAAP	0.76	0.86	0.56	1.02	1.44	1.2	1	5.3	1.78	1.64	1.3	3.32	2.98	1.49	1.39
Basic EPS from Cont Ops	0.56	1.01	0.62	0.67	0.74	1.27	0.91	1.24	1.87	1.72	1.37	3.45	3.1	1.56	1.43
Diluted Weighted Avg Shares	72	76	76	80	89	94	97	101	106	106	106	107	107	108	108
Diluted EPS, GAAP	0.72	0.82	0.53	0.97	1.38	1.16	0.97	5.15	1.73	1.59	1.26	3.23	2.9	1.46	1.36
Diluted EPS from Cont Ops	0.52	0.95	0.58	0.64	0.71	1.23	0.88	1.21	1.82	1.67	1.33	3.35	3.02	1.52	1.4
EBITDA	239	266	271	294	322	347	365	394	425	436	443	462	489	527	522
EBITDA Margin (%)	52.61	57.49	56.15	56.9	57.9	57.06	60.4	59.25	60.48	60.51	60.18	62.63	63.69	63.55	62.63
EBITA	122	130	128	135	139	151	149	176	198	208	189	222	232	239	223
EBIT	122	130	128	135	139	151	149	176	198	208	189	222	232	239	223
Gross Margin (%)	63.82	64.52	63.52	63.68	63.48	62.94	64.29	65.28	66.29	66.33	66.23	68.54	69.21	68.66	67.77
Operating Margin (%)	26.88	28.1	26.5	26.15	25.02	24.77	24.67	26.48	28.23	28.84	25.67	30.19	30.18	28.86	26.73
Profit Margin (%)	12.88	14.78	9.35	15.42	22.53	18.24	16.05	78.77	26.38	23.86	18.6	47.14	40.79	19.19	17.83
Sales per Employee	1,115,543	1,167,055	1,163,499	1,243,619	1,307,066	1,408,491	1,352,732	1,519,712	1,593,508	1,629,038	1,707,608	2,052,646	2,206,917	2,402,693	2,389,676
Dividend per Share	1.78	1.79	1.76	1.73	1.74	1.73	1.72	1.72	2.58	1.87	1.92	1.94	1.98	2.02	2.02
Depreciation Expense	117	136	143	159	183	196	216	218	227	228	254	239	257	288	299

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	175	192	229	244	243	267	469	318	348	291	335	540	393	414	440
+ Cash, Cash Equivalents & STI	24	14	11	14	10	9	5	49	3	4	10	109	23	21	25
+ Cash & Cash Equivalents	24	14	11	14	10	9	5	49	3	4	10	109	23	21	25
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	107	133	155	166	179	204	182	199	232	252	262	288	284	320	344
+ Accounts Receivable, Net	21	21	30	140	152	191	179	190	225	246	260	287	282	319	28
+ Notes Receivable, Net	3	19	19	25	26	13	2	9	6	6	2	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	1	1	1	5
+ Other Receivable, Net	83	93	106	- -	- -	- -	- -	- -	- -	- -	-2	- -	- -	- -	311
+ Inventories	- -	- -	- -	- -	- -	237	241	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	237	241	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	45	45	64	64	54	-183	41	70	114	35	64	143	87	73	72
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2,712	2,680	2,952	3,107	3,564	3,738	4,025	4,243	4,275	4,384	4,803	4,669	5,302	5,649	5,563
+ Property, Plant & Equip, Net	2,554	2,522	2,718	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip	3,335	3,357	3,619	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Accumulated Depreciation	781	835	901	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	66	64	100	67	30	27	21	19	24	24	26	27	7	269	343
+ LT Investments	66	64	100	67	30	27	21	19	24	24	26	27	7	269	343
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	91	95	133	3,040	3,534	3,711	4,004	4,224	4,251	4,361	4,777	4,642	5,294	5,380	5,219
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	91	95	133	3,040	3,534	3,711	4,004	4,224	4,251	4,361	4,777	4,642	5,294	5,380	5,219
Total Assets	2,887	2,872	3,181	3,350	3,807	4,005	4,493	4,561	4,624	4,675	5,138	5,209	5,695	6,063	6,003
+ Payables & Accruals	117	107	149	172	219	238	234	314	228	219	287	269	295	301	302
+ Accounts Payable	- -	- -	- -	172	219	238	234	314	228	219	287	269	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	117	107	149	- -	- -	- -	- -	- -	- -	- -	- -	- -	295	301	302
+ ST Debt	1,469	1,523	1,903	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	1,469	1,523	1,903	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	14	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	14	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	1,586	1,630	2,052	172	219	238	248	314	228	219	287	269	295	301	302
+ LT Debt	- -	- -	1,882	1,871	1,967	2,080	2,500	1,948	2,014	2,086	2,544	2,470	2,789	3,197	3,213
+ LT Borrowings	- -	- -	1,882	1,871	1,967	2,080	2,500	1,948	2,014	2,086	2,544	2,470	2,789	3,197	3,213
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	38	33	-1,851	18	16	15	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	38	33	-1,851	18	16	15	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	38	33	31	1,889	1,983	2,095	2,500	1,948	2,014	2,086	2,544	2,470	2,789	3,197	3,213
Total Liabilities	1,624	1,663	2,083	2,061	2,202	2,333	2,748	2,262	2,243	2,305	2,831	2,739	3,084	3,498	3,515
+ Preferred Equity and Hybrid Capital	82	82	29	29	29	29	29	29	29	29	29	29	29	29	29
+ Share Capital & APIC	1,752	1,768	1,805	2,041	2,371	2,465	2,599	2,852	2,930	2,977	2,956	2,995	3,029	3,082	3,105
+ Common Stock	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
+ Additional Paid in Capital	1,751	1,767	1,804	2,040	2,370	2,464	2,598	2,851	2,929	2,976	2,955	2,994	3,028	3,081	3,103
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-702	-762	-846	-897	-920	-966	-1,023	-749	-747	-769	-832	-686	-580	-633	-698
+ Other Equity	-4	-4	-6	-13	-3	-4	-4	5	8	10	- -	-1	-1	-1	-2
Equity Before Minority Interest	1,128	1,084	982	1,160	1,477	1,524	1,601	2,136	2,220	2,247	2,152	2,336	2,477	2,477	2,433
+ Minority/Non Controlling Interest	135	125	115	130	128	148	144	163	161	124	155	135	134	88	54
Total Equity	1,263	1,209	1,098	1,290	1,605	1,672	1,746	2,299	2,381	2,370	2,308	2,471	2,611	2,565	2,488
Total Liabilities & Equity	2,887	2,872	3,181	3,350	3,807	4,005	4,493	4,561	4,624	4,675	5,138	5,209	5,695	6,063	6,003
Shares Outstanding	71	72	73	80	90	93	96	102	103	104	104	104	105	105	106
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	1,445	1,509	3,774	1,857	1,957	2,072	2,495	1,899	2,011	2,082	2,534	2,361	2,766	3,176	3,188
Net Debt to Equity	114.45	124.79	343.87	143.99	121.89	123.87	142.9	82.58	84.45	87.84	109.82	95.55	105.92	123.82	128.16
Tangible Common Equity Ratio	40.92	39.26	33.59	37.63	41.4	41.03	38.2	49.77	50.87	50.08	44.35	46.87	45.34	41.83	40.96
Current Ratio	0.11	0.12	0.11	1.41	1.11	1.12	1.89	1.01	1.53	1.33	1.17	2.01	1.33	1.38	1.46
Cash Conversion Cycle	17.99	16.46	19.2	-107.44	-255.14	114.3	124.37	10,429.21	-309.78	-217.2	-245.96	-301.96	-72.17	132.42	75.99
Number of Employees	407	397	415	415	426	432	447	438	441	442	431	359	348	345	349

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	62	72	48	84	131	116	101	541	192	178	142	358	323	164	151
+ Depreciation & Amortization	117	136	143	159	183	196	216	218	227	228	254	239	257	288	299
+ Non-Cash Items	14	-8	10	-15	-55	-29	1	-417	-35	-20	-23	-196	-160	-13	-44
+ Stock-Based Compensation	7	7	6	8	7	7	7	6	7	7	7	6	9	8	7
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	14	- -	2	- -	2	1	- -	- -	1	- -	10	2	- -	37	- -
+ Other Non-Cash Adj	-6	-15	2	-23	-64	-36	-6	-423	-43	-28	-40	-204	-168	-57	-51
+ Chg in Non-Cash Work Cap	-3	-10	-6	-34	-3	-17	-29	-37	-31	-27	-7	-42	-7	-16	-20
+ (Inc) Dec in Accts Receiv	-4	-15	-22	-15	-19	-25	-21	-21	-37	-21	-33	-36	-16	-40	-25
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-3	- -	- -	-1	1	-1	1	-4	8	1	2	- -	2	2	1
+ Inc (Dec) in Accts Payable	3	5	17	-18	15	8	-9	-12	-2	-7	24	-6	8	22	4
+ Inc (Dec) in Other	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	189	191	195	193	256	267	289	306	353	359	366	358	415	422	387
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	89	12	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	89	12	21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-151	-103	-185	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-151	-103	-185	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	3	12	-35	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-5
+ Dec in LT Investment	4	15	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10
+ Inc in LT Investment	-1	-3	-40	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-14
+ Net Cash From Acq & Div	- -	12	-35	8	-33	-6	27	- -	-10	- -	-10	- -	-133	-262	-53
+ Cash from Divestitures	- -	15	5	8	- -	5	28	- -	- -	- -	- -	- -	- -	- -	80
+ Cash for Acq of Subs	- -	-3	-40	- -	-33	-11	-1	- -	-10	- -	-10	- -	-133	-262	-133
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-3	-11	19	-247	-323	-322	-681	204	-246	-307	-597	111	-154	-353	-113
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-62	-78	-215	-239	-357	-328	-654	204	-256	-307	-607	111	-288	-615	-170
+ Dividends Paid	-121	-128	-127	-131	-148	-157	-163	-169	-265	-194	-199	-202	-207	-213	-214
+ Net Cash From Debt	-131	13	187	-51	-68	113	407	-545	68	71	460	-75	-84	410	18
+ Cash From Debt	349	48	726	1,033	837	804	951	438	1,436	785	1,353	527	580	1,225	839
+ Repayments of Debt	-481	-35	-539	-1,084	-905	-691	-544	-983	-1,368	-714	-892	-602	-664	-815	-822
+ Cash (Repurchase) of Equity	151	3	23	247	314	114	128	260	72	2	- -	2	22	2	- -
+ Increase in Capital Stock	151	3	23	249	316	118	131	265	76	4	2	4	24	8	2
+ Decrease in Capital Stock	- -	- -	- -	-3	-3	-4	-4	-4	-4	-2	-2	-1	-2	-6	-1
+ Other Financing Activities	-16	-9	-66	-17	- -	-11	-10	-11	-19	-9	-15	-20	-17	-11	-10
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-117	-122	17	48	97	60	361	-465	-143	-130	246	-294	-285	188	-205
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	10	-9	-3	3	-4	-1	-4	44	-46	-78	5	175	-158	-5	12
EBITDA	239	266	271	294	322	347	365	394	425	436	443	462	489	527	522
EBITDA Margin (%)	52.61	57.49	56.15	56.9	57.9	57.06	60.4	59.25	60.48	60.51	60.18	62.63	63.69	63.55	62.63
Net Cash Paid for Acquisitions	- -	-12	35	-8	33	6	-27	- -	10	- -	10	- -	133	262	53
Free Cash Flow	38	88	11	193	256	267	289	306	353	359	366	358	415	422	387
Free Cash Flow to Firm	125	181	107	290	349	353	375	382	422	430	447	439	500	527	524
Free Cash Flow to Equity	-11	106	161	140	185	377	694	-242	418	427	823	281	328	829	402
Free Cash Flow per Basic Share	0.55	1.23	0.15	2.55	3.01	2.94	3.06	3.11	3.43	3.47	3.53	3.45	3.98	4.01	3.67
Price/Free Cash Flow	7.15	8.31	6.01	13.68	12.6	15.91	14.86	16.68	15.27	11.5	14.11	11.66	11.59	7.08	6.5
Cash Flow to Net Income	3.23	2.78	4.33	2.43	2.04	2.41	2.98	0.58	1.9	2.09	2.67	1.03	1.32	2.65	2.6

Highwoods Properties, Inc.

HIW US

25.28

25.28