Hudson Pacific Properties, Inc. (HPP) · 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	39	61	142	166	206	253	521	640	728	728	818	805	897	1,026	952
+ Sales & Services Revenue	39	61	142	166	206	253	521	640	728	728	818	805	897	1,026	952
- Cost of Revenue	19	30	67	78	88	104	190	229	254	268	302	300	336	414	450
+ Cost of Goods & Services	19	30	67	78	88	104	190	229	254	268	302	300	336	414	450
Gross Profit	20	31	75	88	118	149	331	411	475	461	517	505	561	612	502
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	12	20	58	74	90	100	284	321	338	312	354	378	415	453	473
+ Selling, General & Admin	2	4	13	16	20	28	39	52	54	61	72	78	71	80	75
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	10	16	45	57	70	72	245	269	284	251	282	300	344	373	398
Operating Income (Loss)	8	10	17	15	28	49	47	89	137	149	163	128	146	160	29
- Non-Operating (Income) Loss	8	13	23	20	27	25	63	46	42	37	107	111	117	176	193
+ Interest Expense, Net	8	9	17	19	25	26	51	76	90	81	102	112	118	148	212
+ Interest Expense	8	9	17	19	25	26	51	76	90	83	106	116	122	150	214
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	4	4	4	2	2
+ Other Non-Op (Income) Loss	- -	4	5	1	1	-1	13	-30	-48	-45	5	-1	-1	29	-19
Pretax Income	- -	-3	-6	-5	1	24	-16	44	95	112	56	16	29	-17	-164
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	- -	-3	-2	-5	1	24	-16	44	95	112	56	16	29	-17	-171
- Net Extraordinary Losses (Gains)	- -	- -	16	- -	3	- -	8	19	51	25	24	29	38	35	6
+ Discontinued Operations	- -	- -	3	- -	-4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	13	- -	7	1	8	19	51	25	24	29	38	35	6
Income (Loss) Incl. MI	- -	-3	-19	-5	-2	23	-24	25	44	87	32	-12	-9	-52	-177
- Minority Interest	- -	- -	-8	- -	- -	- -	-4	-9	-25	-12	-12	-14	-19	-18	-3
Net Income, GAAP	- -	-3	-10	-5	-2	23	-20	34	69	99	44	2	10	-34	-174
- Preferred Dividends	- -	1	8	13	13	13	12	1	1	1	1	1	1	21	21
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	- -	-4	-19	-18	-15	11	-32	34	69	99	43	1	9	-55	-195
Basic Weighted Avg Shares	20	22	29	42	55	66	86	106	153	155	154	153	152	144	141
Basic EPS, GAAP	- -	-0.16	-0.63	-0.43	-0.27	0.16	-0.37	0.32	0.45	0.64	0.28	0.01	0.06	-0.38	-1.38
Basic EPS from Cont Ops	- -	-0.12	-0.08	-0.12	0.03	0.36	-0.19	0.41	0.62	0.72	0.36	0.11	0.19	-0.11	-1.21
Diluted Weighted Avg Shares	20	22	29	42	55	67	86	110	154	156	157	153	152	144	141
Diluted EPS, GAAP	- -	-0.16	-0.63	-0.43	-0.27	0.16	-0.37	0.31	0.45	0.63	0.28	0.01	0.06	-0.38	-1.38
Diluted EPS from Cont Ops	- -	-0.12	-0.08	-0.12	0.03	0.36	-0.19	0.4	0.61	0.72	0.36	0.11	0.19	-0.11	-1.21
EBITDA	19	26	62	68	93	115	270	341	405	385	434	420	481	528	423
EBITDA Margin (%)	47.55	43.18	43.77	41.03	45.14	45.48	51.91	53.3	55.57	52.79	53.09	52.18	53.59	51.41	44.46
EBITA	8	10	17	11	23	43	25	72	121	134	152	120	137	154	29
EBIT	8	10	17	15	28	49	47	89	137	149	163	128	146	160	29
Gross Margin (%)	51.48	50.48	52.75	53.11	57.39	58.85	63.55	64.24	65.18	63.25	63.15	62.76	62.55	59.68	52.7
Operating Margin (%)	20.47	16.83	12.17	8.86	13.6	19.21	9.1	13.98	18.76	20.41	19.88	15.85	16.28	15.56	3.05
Profit Margin (%)	0.08	-4.62	-7.34	-3	-1.11	9.22	-3.83	5.39	9.51	13.64	5.38	0.25	1.12	-3.34	-18.26
Sales per Employee	655,617	918,788	1,615,784	1,567,509	1,581,215	1,678,245	2,225,855	2,488,868	2,485,116	2,342,180	2,357,873	2,146,573	1,601,491	1,159,575	1,256,328
Dividend per Share	0.05	0.32	0.86	0.87	0.77	0.73	1.02	1.12	1.04	1.01	1.03	1.02	1.02	1.17	0.54
Depreciation Expense	11	16	45	57	70	72	245	269	284	251	282	300	344	373	394

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	10	64	43	60	77	150	369	239	426	371	407	532	842	676	377
+ Cash, Cash Equivalents & STI	2	49	14	19	30	18	54	83	79	201	187	249	226	256	100
+ Cash & Cash Equivalents	2	49	14	19	30	18	54	83	79	54	46	114	97	256	100
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	147	141	135	129	- -	- -
+ Accounts & Notes Receiv	4	11	20	27	30	49	81	94	114	156	208	248	266	297	245
+ Accounts Receivable, Net	1	4	9	27	30	49	81	94	114	156	208	248	266	297	245
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	3	7	11	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	5	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	5	- -
+ Other ST Assets	4	4	10	14	17	83	234	62	234	14	12	36	349	118	31
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	374	940	1,110	1,500	2,054	2,191	5,885	6,440	6,196	6,699	7,059	7,818	8,148	8,643	7,905
+ Property, Plant & Equip, Net	354	839	1,007	- -	- -	1	- -	- -	397	510	269	256	332	508	495
+ Property, Plant & Equip	366	866	1,061	1	1	2	- -	- -	397	510	269	265	346	531	533
- Accumulated Depreciation	13	27	53	- -	1	- -	- -	- -	- -	- -	- -	9	13	24	38
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	37	14	147	65	82	155	181	301
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	37	14	147	65	82	155	181	301
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	21	102	103	1,500	2,053	2,190	5,885	6,403	5,784	6,042	6,725	7,480	7,661	7,955	7,108
+ Total Intangible Assets	14	9	93	9	9	9	9	9	9	9	9	9	109	264	591
+ Goodwill	- -	9	9	9	9	9	9	9	9	9	9	9	109	264	264
+ Other Intangible Assets	14	- -	84	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	327
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	7	93	10	1,491	2,045	2,181	5,877	6,394	5,776	6,034	6,717	7,471	7,552	7,692	6,517
Total Assets	385	1,005	1,153	1,560	2,131	2,341	6,254	6,679	6,622	7,071	7,467	8,350	8,990	9,319	8,282
+ Payables & Accruals	4	12	12	19	28	37	84	121	163	175	213	236	301	264	204
+ Accounts Payable	4	12	12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	19	28	37	84	121	163	175	213	236	301	264	204
+ ST Debt	152	342	400	- -	155	- -	- -	- -	- -	66	66	- -	125	385	192
+ ST Borrowings	152	342	400	- -	155	- -	- -	- -	- -	66	66	- -	125	385	192
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	273	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	-155	43	13	4	2	-66	-66	- -	-121	-384	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	-155	43	13	4	2	-66	-66	- -	-121	-384	- -
Total Current Liabilities	156	354	412	19	28	80	97	124	165	175	213	236	305	265	396
+ LT Debt	12	21	23	582	931	918	2,261	2,688	2,421	2,828	3,292	3,867	4,222	5,052	4,209
+ LT Borrowings	- -	- -	400	582	931	918	2,261	2,688	2,421	2,828	3,019	3,597	3,928	4,652	3,819
+ LT Finance Leases	12	21	23	- -	- -	- -	95	80	50	46	273	270	294	400	389
+ Other LT Liabilities	2	28	29	62	70	68	167	164	124	124	127	151	137	128	126
+ Accrued Liabilities	- -	- -	11	11	8	9	38	41	64	69	86	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	2	28	18	50	62	59	129	123	60	55	41	151	137	128	126
Total Noncurrent Liabilities	13	49	52	644	1,001	986	2,428	2,852	2,546	2,952	3,419	4,018	4,359	5,180	4,335
Total Liabilities	170	403	464	662	1,028	1,066	2,525	2,976	2,711	3,128	3,632	4,254	4,664	5,444	4,731
+ Preferred Equity and Hybrid Capital	- -	88	88	145	145	145	- -	10	10	10	10	- -	425	425	425
+ Share Capital & APIC	- -	412	552	727	905	1,072	1,712	3,111	3,625	3,526	3,417	3,471	3,319	2,891	2,653
+ Common Stock	- -	- -	- -	- -	1	1	1	1	2	2	2	2	2	1	1
+ Additional Paid in Capital	- -	412	552	727	904	1,071	1,711	3,109	3,623	3,525	3,416	3,470	3,317	2,890	2,652
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	-3	-14	-31	-45	-35	-45	-17	- -	- -	- -	- -	- -	- -	- -
+ Other Equity	- -	- -	-1	-1	-1	-2	-1	9	13	18	-1	-8	-2	-11	- -
Equity Before Minority Interest	212	496	625	840	1,003	1,179	1,666	3,103	3,638	3,544	3,417	3,463	3,742	3,305	3,078
+ Minority/Non Controlling Interest	3	106	63	57	99	96	2,063	599	273	400	418	633	585	570	473
Total Equity	215	602	689	897	1,103	1,275	3,729	3,703	3,911	3,943	3,835	4,096	4,326	3,875	3,551
Total Liabilities & Equity	385	1,005	1,153	1,560	2,131	2,341	6,254	6,679	6,622	7,071	7,467	8,350	8,990	9,319	8,282
Shares Outstanding	20	22	34	47	57	67	89	136	156	154	155	151	151	141	141
Capital Leases - Total	12	21	23	- -	- -	- -	95	80	50	46	545	270	294	400	389
Net Debt	150	293	786	563	1,056	900	2,207	2,605	2,342	2,841	3,039	3,484	3,957	4,781	3,911
Net Debt to Equity	69.67	48.71	114.14	62.77	95.75	70.61	59.19	70.35	59.89	72.04	79.25	85.05	91.45	123.39	110.13
Tangible Common Equity Ratio	54.19	50.77	47.96	47.94	44.72	48.08	59.57	55.23	58.85	55.57	51.17	49	42.7	35.19	32.96
Current Ratio	0.07	0.18	0.1	3.18	2.81	1.87	3.79	1.92	2.58	2.12	1.92	2.26	2.76	2.55	0.95
Cash Conversion Cycle	-111.6	-78.2	-47.88	9.86	50.51	57.28	45.57	49.91	52.12	67.69	81.35	103.41	105.34	102.87	105.88
Number of Employees	60	66	88	106	130	151	234	257	293	311	347	375	560	885	758

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	- -	-3	-2	-5	-3	24	-16	44	95	112	56	16	29	-17	-171
+ Depreciation & Amortization	11	16	45	53	65	67	223	252	268	236	272	292	335	368	394
+ Non-Cash Items	- -	-2	- -	3	3	-10	-44	-38	-51	-54	-18	7	6	29	42
+ Stock-Based Compensation	- -	1	3	4	6	8	8	14	15	17	19	23	21	24	24
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7
+ Asset Impairment Charge	- -	- -	1	1	7	- -	- -	-1	- -	- -	52	- -	3	29	60
+ Other Non-Cash Adj	- -	-3	-3	-2	-10	-17	-53	-51	-66	-71	-90	-16	-18	-24	-49
+ Chg in Non-Cash Work Cap	-11	-4	-11	-9	-24	-17	12	-38	-18	-79	-21	-14	-54	-11	-33
+ (Inc) Dec in Accts Receiv	- -	-4	-5	-4	4	-7	-6	15	2	-11	1	-9	4	16	-6
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-4	- -	- -	1	-5	-1	14	-8	-8	- -	6	-3	-38	-5	-8
+ Inc (Dec) in Accts Payable	-5	1	4	5	1	3	18	-4	19	-13	18	12	- -	12	-3
+ Inc (Dec) in Other	-2	- -	-9	-10	-24	-12	-15	-41	-32	-55	-47	-13	-20	-34	-16
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	- -	8	32	43	42	63	175	220	293	215	288	302	315	370	232
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-8	-242	-131	-392	-390	-114	-1,805	-630	-258	-363	-20	-594	-125	-117	-6
+ Acq of Fixed Prod Assets	-8	-242	-131	-392	-390	-114	-1,805	-630	-258	-363	-20	-594	-125	-117	-6
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	-147	6	3	-7	112	-4
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	6	7	6	129	1
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	-149	- -	-3	-12	-17	-5
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	-37	-1	- -	-64	-17	-285	-239	-69
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	-37	-1	- -	-64	-17	-285	-239	-69
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	-31	-34	-133	7	142	-74	117	-238	-399	-337	-134	547
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-8	-242	-131	-423	-424	-246	-1,798	-525	-333	-392	-316	-1,007	-754	-378	468
+ Dividends Paid	-1	-7	-25	-36	-42	-48	-88	-118	-159	-158	-158	-156	-155	-169	-76
+ Net Cash From Debt	- -	-45	-24	183	243	31	1,321	429	-56	333	202	583	329	554	-676
+ Cash From Debt	- -	116	366	327	445	449	2,235	1,318	767	782	1,216	1,737	1,450	1,198	528
+ Repayments of Debt	- -	-162	-390	-144	-202	-418	-914	-889	-823	-450	-1,014	-1,153	-1,121	-643	-1,204
+ Cash (Repurchase) of Equity	- -	253	157	191	203	197	386	4	337	-50	-1	-80	-1	-237	-1
+ Increase in Capital Stock	- -	253	157	191	203	197	386	1,450	647	- -	- -	- -	45	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	-1,446	-311	-50	-1	-80	-46	-237	-1
+ Other Financing Activities	6	80	-44	48	-9	-11	40	20	-88	20	-24	448	314	-51	-114
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	5	280	63	386	394	171	1,659	335	33	145	18	796	487	97	-867
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-3	45	-35	5	11	-13	36	29	-7	-33	-10	91	47	89	-167
EBITDA	19	26	62	68	93	115	270	341	405	385	434	420	481	528	423
EBITDA Margin (%)	47.55	43.18	43.77	41.03	45.14	45.48	51.91	53.3	55.57	52.79	53.09	52.18	53.59	51.41	44.46
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	37	1	- -	64	17	285	239	69
Free Cash Flow	-8	-235	-99	-349	-348	-50	-1,630	-411	35	-148	268	-292	190	253	227
Free Cash Flow to Firm	- -	- -	- -	- -	-323	-24	- -	-334	125	-65	373	-175	312	- -	- -
Free Cash Flow to Equity	-8	-193	-131	-122	-118	-32	-466	28	-21	184	469	281	943	786	-470
Free Cash Flow per Basic Share	-0.38	-10.45	-3.35	-8.39	-6.31	-0.77	-18.97	-3.87	0.23	-0.95	1.73	-1.91	1.25	1.76	1.61
Price/Free Cash Flow	- -	1.33	2.44	1.99	2.82	11.4	1.23	4.46	9.55	7.68	18.95	4.07	8.56	2.84	5.57
Cash Flow to Net Income	-2.84	-2.72	-3.07	-8.59	-18.28	2.7	-8.77	6.37	4.23	2.16	6.54	148.35	31.34	-10.78	-1.34

Hudson Pacific Properties, Inc.

HPP US

4.95

4.95