JBG SMITH Properties Financial Statements — JBGS Stock

Income Statement	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	476	473	471	479	543	644	648	603	634	606	604
+ Sales & Services Revenue	476	473	471	479	543	644	648	603	634	606	604
- Cost of Revenue	168	171	179	177	237	309	322	331	329	307	291
+ Cost of Goods & Services	168	171	179	177	237	309	322	331	329	307	291
Gross Profit	309	302	292	301	306	335	326	271	306	299	314
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	159	163	189	182	230	281	281	300	306	277	266
+ Selling, General & Admin	50	51	44	49	69	70	89	78	70	64	55
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	109	112	145	133	162	211	192	222	236	214	210
Operating Income (Loss)	150	139	103	119	76	54	46	-29	-1	22	48
- Non-Operating (Income) Loss	73	57	53	56	165	8	-27	43	85	-79	140
+ Interest Expense, Net	64	55	48	47	55	56	44	59	55	60	75
+ Interest Expense	64	56	51	50	56	71	49	59	64	78	91
- Interest Income	- -	1	3	3	2	15	5	- -	9	19	16
+ Other Non-Op (Income) Loss	9	2	4	9	110	-48	-71	-17	30	-138	65
Pretax Income	76	82	50	63	-89	46	73	-72	-86	100	-92
- Income Tax Expense (Benefit)	-12	- -	- -	1	-10	-1	-1	-4	4	1	- -
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	89	81	50	62	-79	47	74	-67	-90	99	-92
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	-15	13	17	-10	-21	27	-23
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	-15	13	17	-10	-21	27	-23
Income (Loss) Incl. MI	89	81	50	62	-64	33	57	-57	-69	72	-68
- Minority Interest	- -	- -	- -	- -	7	-7	-9	5	10	-14	12
Net Income, GAAP	89	81	50	62	-72	40	66	-62	-79	85	-80
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	89	81	50	62	-72	40	66	-62	-79	85	-80
Basic Weighted Avg Shares	118	118	118	118	105	119	131	133	131	119	105
Basic EPS, GAAP	0.75	0.69	0.42	0.52	-0.68	0.34	0.5	-0.47	-0.61	0.72	-0.76
Basic EPS from Cont Ops	0.75	0.69	0.42	0.52	-0.75	0.39	0.57	-0.5	-0.69	0.83	-0.87
Diluted Weighted Avg Shares	118	118	118	118	105	119	131	133	131	119	105
Diluted EPS, GAAP	0.75	0.69	0.42	0.52	-0.68	0.34	0.5	-0.47	-0.61	0.72	-0.76
Diluted EPS from Cont Ops	0.75	0.69	0.42	0.52	-0.75	0.39	0.57	-0.5	-0.69	0.83	-0.87
EBITDA	260	252	250	254	240	270	241	197	240	240	264
EBITDA Margin (%)	54.5	53.25	53.03	53.15	44.22	41.86	37.26	32.66	37.79	39.54	43.62
EBITA	150	139	103	119	76	54	46	-29	-1	22	48
EBIT	150	139	103	119	76	54	46	-29	-1	22	48
Gross Margin (%)	64.77	63.83	62.05	62.98	56.32	52.04	50.35	45.01	48.2	49.37	51.89
Operating Margin (%)	31.42	29.31	21.8	24.92	13.92	8.39	7.04	-4.77	-0.11	3.58	7.94
Profit Margin (%)	18.61	17.19	10.55	12.95	-13.21	6.2	10.12	-10.34	-12.49	14.09	-13.24
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	0.25	0.9	0.99	0.9	0.9	0.9	0.89
Depreciation Expense	110	113	147	135	165	216	196	226	240	218	216

Balance Sheet	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	- -	244	311	280	547	600	381	532	558	518	429
+ Cash, Cash Equivalents & STI	- -	12	75	29	317	261	126	226	264	241	165
+ Cash & Cash Equivalents	- -	12	75	29	317	261	126	226	264	241	165
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	- -	228	231	245	193	190	223	226	237	227	215
+ Accounts Receivable, Net	- -	34	35	165	186	187	222	225	236	221	211
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	194	196	80	7	3	1	1	- -	6	4
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	4	5	6	37	149	32	80	57	50	49
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	3,167	3,265	3,381	5,525	5,398	5,605	5,547	5,828	5,385	5,089
+ Property, Plant & Equip, Net	- -	- -	- -	- -	- -	- -	20	46	183	1	60
+ Property, Plant & Equip	- -	- -	- -	- -	- -	- -	20	46	183	1	60
- Accumulated Depreciation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	- -	77	28	46	262	323	543	461	482	320	290
+ LT Investments	- -	77	28	46	262	323	543	461	482	320	290
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	- -	3,090	3,237	3,335	5,263	5,075	5,042	5,040	5,164	5,064	4,739
+ Total Intangible Assets	- -	6	4	3	126	90	72	59	202	68	57
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	6	4	3	126	90	72	59	202	68	57
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	3,084	3,233	3,332	5,137	4,985	4,970	4,982	4,962	4,996	4,683
Total Assets	- -	3,411	3,576	3,661	6,072	5,997	5,986	6,080	6,386	5,903	5,519
+ Payables & Accruals	- -	40	137	324	139	131	158	137	139	168	125
+ Accounts Payable	- -	40	54	41	139	131	158	103	106	138	125
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	83	283	- -	- -	- -	34	33	30	- -
+ ST Debt	- -	- -	- -	- -	116	- -	200	- -	300	- -	62
+ ST Borrowings	- -	- -	- -	- -	116	- -	200	- -	300	- -	62
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	4	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	4	- -	- -	- -	- -	- -
Total Current Liabilities	- -	40	137	324	254	135	358	137	439	168	187
+ LT Debt	- -	1,278	1,303	1,191	2,157	2,198	1,502	2,077	2,381	2,464	2,576
+ LT Borrowings	- -	1,278	1,303	1,165	2,072	2,136	1,423	1,992	2,176	2,437	2,500
+ LT Finance Leases	- -	- -	- -	26	85	62	79	85	204	27	76
+ Other LT Liabilities	- -	51	76	23	77	119	127	128	106	76	63
+ Accrued Liabilities	- -	- -	- -	19	38	47	46	42	45	40	15
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	51	76	4	39	73	81	87	61	36	48
Total Noncurrent Liabilities	- -	1,329	1,379	1,215	2,234	2,317	1,629	2,205	2,486	2,540	2,639
Total Liabilities	- -	1,369	1,516	1,539	2,488	2,452	1,987	2,343	2,925	2,708	2,826
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	- -	- -	- -	3,065	3,156	3,634	3,659	3,541	3,265	2,980
+ Common Stock	- -	- -	- -	- -	1	1	1	1	1	1	1
+ Additional Paid in Capital	- -	- -	- -	- -	3,064	3,155	3,633	3,658	3,540	3,264	2,979
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	- -	- -	- -	-96	-176	-231	-413	-609	-629	-777
+ Other Equity	- -	- -	- -	- -	2	7	-17	-40	-16	46	20
Equity Before Minority Interest	- -	2,042	2,059	2,122	2,971	2,987	3,386	3,206	2,916	2,682	2,223
+ Minority/Non Controlling Interest	- -	1	1	- -	613	558	613	531	545	514	470
Total Equity	- -	2,042	2,059	2,122	3,584	3,545	3,999	3,737	3,461	3,195	2,693
Total Liabilities & Equity	- -	3,411	3,576	3,661	6,072	5,997	5,986	6,080	6,386	5,903	5,519
Shares Outstanding	- -	118	118	118	118	121	134	132	127	114	94
Capital Leases - Total	- -	- -	- -	26	85	62	79	85	204	27	76
Net Debt	- -	1,266	1,228	1,136	1,871	1,875	1,497	1,766	2,212	2,196	2,397
Net Debt to Equity	- -	61.98	59.63	53.54	52.21	52.88	37.42	47.26	63.91	68.73	89.04
Tangible Common Equity Ratio	- -	59.81	57.55	57.93	58.15	58.5	66.4	61.09	52.7	53.59	48.26
Current Ratio	- -	6.07	2.27	0.86	2.15	4.45	1.06	3.88	1.27	3.09	2.3
Cash Conversion Cycle	- -	-29.92	-69.88	-21.61	-20.07	-53.5	-48.47	-8.16	16.6	-7.46	-34.49
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	89	81	50	62	-79	47	74	-67	-90	99	-92
+ Depreciation & Amortization	110	113	147	135	165	216	196	226	240	218	216
+ Non-Cash Items	-2	10	1	1	6	-26	-51	58	66	-124	82
+ Stock-Based Compensation	- -	- -	5	5	34	53	65	66	52	41	32
+ Deferred Income Taxes	- -	- -	- -	- -	-10	-1	-1	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	1	1	- -	- -	10	10	25	- -	90
+ Other Non-Cash Adj	-2	10	-5	-5	-18	-78	-125	-19	-10	-165	-40
+ Chg in Non-Cash Work Cap	-19	-17	-19	-38	-17	-48	-45	-47	1	-15	-23
+ (Inc) Dec in Accts Receiv	3	-6	- -	-4	-2	-6	-8	-9	9	-13	11
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-1	- -	2	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-4	2	-4	8	16	-6	-8	1	9	-1	-11
+ Inc (Dec) in Other	-16	-12	-17	-42	-31	-36	-29	-38	-17	-1	-22
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	178	187	178	160	74	188	174	169	218	178	183
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-33	-142	-234	-238	-211	-386	-441	-307	-173	-327	-334
+ Acq of Fixed Prod Assets	- -	-15	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	-33	-126	-234	-238	-211	-386	-441	-307	-173	-327	-334
+ Net Change in LT Investment	- -	- -	-1	-2	-2	-1	- -	- -	- -	19	-8
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	19	2
+ Inc in LT Investment	- -	- -	-1	-2	-2	-1	- -	- -	- -	- -	-10
+ Net Cash From Acq & Div	-17	-9	-8	-23	-25	-32	-19	-15	-42	-92	-29
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-17	-9	-8	-23	-25	-32	-19	-15	-42	-92	-29
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-49	-86	7	4	230	485	219	154	-154	923	272
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-99	-237	-237	-259	-8	66	-241	-168	-369	524	-98
+ Dividends Paid	- -	- -	- -	- -	-27	-107	-130	-120	-118	-108	-94
+ Net Cash From Debt	-172	100	109	55	245	-26	-317	172	764	-541	357
+ Cash From Debt	- -	185	438	80	652	438	402	1,680	790	530	1,259
+ Repayments of Debt	-172	-85	-329	-24	-406	-464	-719	-1,508	-26	-1,071	-901
+ Cash (Repurchase) of Equity	- -	- -	- -	- -	- -	- -	473	-105	-158	-361	-335
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	473	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	-105	-158	-361	-335
+ Other Financing Activities	97	-66	14	-4	21	-61	-216	172	-299	280	-87
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-75	33	123	51	240	-194	-190	119	190	-730	-159
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	4	-16	64	-48	306	61	-257	121	39	-28	-74
Capital Expenditures	-33	-142	-234	-238	-211	-386	-441	-307	-173	-327	-334
EBITDA	260	252	250	254	240	270	241	197	240	240	264
EBITDA Margin (%)	54.5	53.25	53.03	53.15	44.22	41.86	37.26	32.66	37.79	39.54	43.62
Net Cash Paid for Acquisitions	17	9	8	23	25	32	19	15	42	92	29
Free Cash Flow	145	46	-56	-78	-136	-198	-267	-138	44	-149	-150
Free Cash Flow to Firm	- -	102	-6	-29	- -	- -	- -	- -	- -	-71	- -
Free Cash Flow to Equity	- -	272	287	215	320	163	-143	342	982	-363	541
Free Cash Flow per Basic Share	1.22	0.39	-0.47	-0.66	-1.29	-1.66	-2.04	-1.04	0.34	-1.25	-1.43
Price/Free Cash Flow	- -	- -	- -	- -	10.09	5.83	7	7.45	8.42	4.09	3.31
Cash Flow to Net Income	2.01	2.3	3.59	2.57	-1.03	4.71	2.65	-2.71	-2.75	2.09	-2.29

JBG SMITH Properties

Income Statement

Balance Sheet

Cash Flow Statement