Gladstone Land Corporation (LAND US) · 10+ Years of Financial statements

Income Statement	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	2	3	3	4	7	12	17	25	37	41	57	75	89	90
+ Sales & Services Revenue	2	3	3	4	7	12	17	25	37	41	57	75	89	90
- Cost of Revenue	- -	- -	- -	- -	- -	1	1	1	2	2	2	3	3	4
+ Cost of Goods & Services	- -	- -	- -	- -	- -	1	1	1	2	2	2	3	3	4
Gross Profit	2	3	3	4	7	11	17	24	35	38	55	73	86	86
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1	2	1	2	5	6	9	12	23	19	28	41	52	53
+ Selling, General & Admin	1	1	1	2	3	3	4	4	5	5	8	10	13	14
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	1	- -	1	2	3	6	8	17	14	20	31	39	39
Operating Income (Loss)	2	1	2	2	2	5	7	11	12	19	28	32	35	33
- Non-Operating (Income) Loss	1	1	1	1	2	4	7	11	9	18	23	28	30	19
+ Interest Expense, Net	1	1	1	1	2	4	6	10	12	16	21	25	26	24
+ Interest Expense	1	1	1	1	2	4	6	10	12	16	21	25	26	24
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	1	- -	- -	- -	- -	1	2	-3	1	2	3	4	-5
Pretax Income	1	- -	1	- -	- -	1	- -	- -	3	2	5	4	5	15
- Income Tax Expense (Benefit)	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	1	- -	1	-1	- -	1	- -	- -	3	2	5	4	5	15
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	1	- -	1	-1	- -	1	- -	- -	2	2	5	3	5	15
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	1	- -	1	-1	- -	1	- -	- -	3	2	5	3	5	15
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	4	9	12	20	24
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1	- -	1	-1	- -	1	- -	- -	2	-2	-4	-9	-15	-10
Basic Weighted Avg Shares	3	3	6	6	7	9	10	12	16	20	22	30	35	36
Basic EPS, GAAP	0.2	- -	0.1	-0.2	-0.02	0.07	0.04	- -	0.15	-0.13	-0.2	-0.29	-0.43	-0.27
Basic EPS from Cont Ops	0.2	- -	0.1	-0.2	-0.02	0.07	0.05	- -	0.18	0.09	0.22	0.12	0.14	0.41
Diluted Weighted Avg Shares	3	3	6	6	7	9	10	12	16	20	22	30	35	36
Diluted EPS, GAAP	0.2	- -	0.1	-0.2	-0.02	0.07	0.04	- -	0.15	-0.13	-0.2	-0.29	-0.43	-0.27
Diluted EPS from Cont Ops	0.2	- -	0.1	-0.2	-0.02	0.07	0.05	- -	0.18	0.09	0.22	0.12	0.14	0.41
EBITDA	2	2	3	2	4	8	12	19	21	32	44	59	70	71
EBITDA Margin (%)	77.82	62.48	74.61	55.31	53.67	68.47	72.12	74.09	58.57	78.88	77.77	78.35	78.7	78.25
EBITA	2	1	2	2	2	5	7	11	12	19	28	32	35	33
EBIT	2	1	2	2	2	5	7	11	12	19	28	32	35	33
Gross Margin (%)	99.69	97.15	96.53	97.04	93.95	93.25	95.46	94.73	94.43	93.92	96.76	96.63	96.84	95.35
Operating Margin (%)	64.7	45.42	60.61	37.42	29.51	42.32	42.17	45.28	33.01	47.44	48.48	42.09	38.97	37.04
Profit Margin (%)	23.18	0.21	17.71	-30.33	-1.74	4.78	2.59	-0.12	7.17	4.28	8.64	4.64	5.28	16.11
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	0.37	- -	1.57	0.36	0.47	0.5	0.53	0.56	0.72	0.94	0.96	1.07	1.26
Depreciation Expense	- -	1	- -	1	2	3	5	7	9	13	17	27	35	37

Balance Sheet	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	2	2	17	3	3	2	4	15	14	9	17	61	72
+ Cash, Cash Equivalents & STI	2	2	2	17	3	3	2	3	15	14	9	17	61	19
+ Cash & Cash Equivalents	2	2	1	16	3	3	2	3	15	14	9	17	61	19
+ ST Investments	- -	- -	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	54
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	54
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -
+ Other ST Assets	8	- -	- -	- -	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	19	31	39	77	149	226	332	458	550	803	1,058	1,335	1,396	1,315
+ Property, Plant & Equip, Net	- -	30	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip	- -	32	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Accumulated Depreciation	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	19	- -	39	77	149	226	332	458	550	803	1,058	1,335	1,396	1,315
+ Total Intangible Assets	- -	- -	- -	- -	1	2	2	5	6	5	4	4	6	5
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	1	2	2	5	6	5	4	4	6	5
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	19	- -	39	76	148	224	330	452	545	798	1,054	1,330	1,390	1,310
Total Assets	29	33	41	94	152	229	334	462	565	817	1,067	1,352	1,457	1,387
+ Payables & Accruals	- -	- -	1	1	2	4	4	8	10	12	12	15	21	14
+ Accounts Payable	- -	- -	1	1	2	3	3	7	9	10	9	11	16	10
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	1	1	1	1	2	2	4	4	4
+ ST Debt	3	1	- -	- -	4	- -	17	10	- -	- -	- -	- -	- -	- -
+ ST Borrowings	3	1	- -	- -	4	- -	17	10	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	3	2	1	1	6	4	20	18	10	12	12	15	21	14
+ LT Debt	17	23	31	43	82	142	191	291	336	482	624	668	626	574
+ LT Borrowings	17	23	31	43	82	142	191	291	336	482	624	668	626	574
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	- -	1	1	1	3	5	35	35	38	44	48	79	79	79
+ Accrued Liabilities	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	- -	- -	1	3	5	35	35	38	44	48	79	79	79
Total Noncurrent Liabilities	17	24	32	44	85	147	226	326	374	525	672	747	705	653
Total Liabilities	20	25	33	45	92	151	246	344	384	538	683	762	726	668
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	- -	- -	51	65	87	90	130	202	316	440	668	837	856
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	- -	51	65	87	90	130	202	316	440	668	837	856
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	9	8	8	-3	-5	-9	-13	-20	-26	-39	-55	-80	-114	-144
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	-1	9	7
Equity Before Minority Interest	9	8	8	49	60	78	77	110	176	277	384	587	731	720
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	11	8	5	2	- -	2	- -	- -
Total Equity	9	8	8	49	60	78	88	118	181	279	384	589	731	720
Total Liabilities & Equity	29	33	41	94	152	229	334	462	565	817	1,067	1,352	1,457	1,387
Shares Outstanding	3	3	6	7	8	10	10	14	18	21	26	34	35	36
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	18	22	30	27	84	139	205	298	321	468	615	651	565	556
Net Debt to Equity	208.06	293.63	368.02	55.41	139.73	178.38	233.44	252.7	177.38	167.85	160.2	110.56	77.3	77.2
Tangible Common Equity Ratio	29.44	22.88	19.44	51.63	39	33.6	25.84	24.62	31.35	33.76	35.73	43.4	49.99	51.7
Current Ratio	3.05	1.2	1.39	12.48	0.43	0.61	0.12	0.24	1.44	1.1	0.79	1.1	2.95	5.02
Cash Conversion Cycle	- -	-1,583.45	-2,054.29	-3,072.02	-1,269.49	-1,231.95	-1,460.08	-442.09	-5,728.31	-1,423.1	-1,897.39	-1,436.04	-1,757.02	2,245.79
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	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	1	- -	1	-1	- -	1	- -	- -	3	2	5	4	5	15
+ Depreciation & Amortization	- -	1	- -	1	2	3	5	7	9	13	17	27	35	37
+ Non-Cash Items	- -	- -	1	-1	- -	- -	- -	- -	-4	1	3	3	5	-2
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	- -	- -	1	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	- -	1	- -	- -	- -	- -	- -	- -	-5	1	3	3	5	-3
+ Chg in Non-Cash Work Cap	- -	1	-1	1	2	1	3	-1	2	6	1	-2	-2	-9
+ (Inc) Dec in Accts Receiv	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	-2	-3	-1	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	- -	- -	- -	- -	1	1	1	2	2	2	-1	2	6	-3
+ Inc (Dec) in Other	-1	1	-1	1	1	1	2	-1	3	5	1	-3	-7	-6
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1	2	1	- -	4	5	8	7	10	21	25	32	44	40
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	-1	-3	-3	-10	-5	-23	-12	-17	-6	-20	-13
+ Acq of Fixed Prod Assets	- -	- -	- -	-1	-3	-3	-10	-5	-23	-12	-17	-6	-20	-13
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	-1	-20	- -	- -	- -	1	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	-1	-20	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	-1	-2	-3	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	-1	-2	-3	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-8	-5	-7	-18	-68	-75	-85	-125	-71	-250	-256	-287	-63	9
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-8	-5	-8	-39	-71	-78	-96	-130	-94	-263	-273	-295	-85	-4
+ Dividends Paid	- -	-1	- -	-10	-2	-4	-5	-6	-9	-14	-21	-29	-37	-45
+ Net Cash From Debt	8	4	7	12	22	56	66	94	35	147	143	44	-42	-53
+ Cash From Debt	9	19	12	15	45	79	114	167	98	201	178	68	10	- -
+ Repayments of Debt	- -	-15	-5	-3	-23	-23	-48	-73	-63	-54	-36	-24	-52	-53
+ Cash (Repurchase) of Equity	- -	- -	- -	57	15	23	- -	39	-1	- -	- -	- -	-8	- -
+ Increase in Capital Stock	- -	- -	- -	57	15	23	- -	42	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	-3	-1	- -	- -	- -	-8	- -
+ Other Financing Activities	- -	- -	-1	-5	20	-2	26	-4	69	108	122	255	172	19
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	8	3	6	55	54	74	87	124	95	240	243	270	86	-79
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	- -	- -	-1	15	-14	- -	- -	- -	12	-1	-4	7	44	-43
Capital Expenditures	- -	- -	- -	-1	-3	-3	-10	-5	-23	-12	-17	-6	-20	-13
EBITDA	2	2	3	2	4	8	12	19	21	32	44	59	70	71
EBITDA Margin (%)	77.82	62.48	74.61	55.31	53.67	68.47	72.12	74.09	58.57	78.88	77.77	78.35	78.7	78.25
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	2	3	- -
Free Cash Flow	1	2	1	-1	1	2	-1	1	-12	9	8	26	24	27
Free Cash Flow to Firm	1	2	2	-6	- -	6	5	- -	- -	25	29	51	49	51
Free Cash Flow to Equity	- -	6	8	11	23	58	65	96	23	152	142	58	-38	-50
Free Cash Flow per Basic Share	0.24	0.69	0.19	-0.2	0.13	0.17	-0.14	0.11	-0.79	0.46	0.38	0.86	0.68	0.76
Price/Free Cash Flow	- -	- -	- -	286.32	11.81	9.27	6.12	13.89	5.48	7.5	7.76	26.3	9.85	9.95
Cash Flow to Net Income	1.19	305.21	1.9	0.38	-28.32	8.33	18.76	-210.16	3.96	12.27	5.08	9.26	9.3	2.75

Gladstone Land Corporation

LAND US

13.54

13.54