Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from Debt (USD, thousands)

Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

b1539da5b2a05af46d143e91d7ddcd12802b4f1bfea44fe395366fc9eea9dc1e

Commercial Real Estate

Land Operations

- Development Sales

- Unimproved/Other Sales

- Other Revenue

Materials & Construction

Total Revenue

3734e4a8fa2362f71fa750cf476bc85ed224a4e1d7554407b3dbbcb79c5e8b6e

Total Revenue (USD, thousands)

Cost of Goods Sold (COGS) (USD, thousands)

SG&A (USD, thousands)

R&D (USD, thousands)

D&A (USD, thousands)

Interest Expense (USD, thousands)

Operating Income (EBIT) (USD, thousands)

Net Income (USD, thousands)

EPS - Basic (USD)

EPS - Diluted (USD)

26f69aefbf0b6536470ab214ae2141d3406c1100afb61d0f3fdc76a478752164

Current Assets (USD, thousands)

Cash and Cash Equivalents (USD, thousands)

Accounts Receivable (USD, thousands)

Inventory (USD, thousands)

Non-Current Assets (USD, thousands)

Property, Plant, and Equipment (PP&E) (USD, thousands)

Goodwill (USD, thousands)

Intangible Assets (USD, thousands)

Current Liabilities (USD, thousands)

Accounts Payable (USD, thousands)

Short-term Debt (USD, thousands)

Accrued Expenses (USD, thousands)

Non-Current Liabilities (USD, thousands)

Long-term Debt (USD, thousands)

Lease Liabilities (USD, thousands)

Deferred Tax Liabilities (USD, thousands)

Shareholders' Equity (USD, thousands)

Retained Earnings (USD, thousands)

Common Stock (USD, thousands)

Additional Paid-in Capital (USD, thousands)

5e4f0b9cfda3ffac9fa0b89bbec97ceb7dcf9bba14910f7781863a195c26edc3

Real Estate Property, Net (USD, thousands)

Real Estate Developments (USD, thousands)

Investments in Real Estate Joint Ventures and Partnerships (USD, thousands)

Real Estate Intangible Assets, Net (USD, thousands)

Real Estate Investments, Net (USD, thousands)

Restricted Cash (USD, thousands)

Accounts Receivable, Net (USD, thousands)

Other Receivables, Net (USD, thousands)

Prepaid Expenses and Other Assets (USD, thousands)

Total Assets (USD, thousands)

Notes Payable and Other Debt (USD, thousands)

Accrued Post-Retirement Benefits (USD, thousands)

Deferred Revenue (USD, thousands)

Accrued and Other Liabilities (USD, thousands)

Total Liabilities (USD, thousands)

Total Shareholders' Equity (USD, thousands)

Total Liabilities and Equity (USD, thousands)

c5a3673997b172b55429f39431ac9a267020693fbc5e2f9ec23c0726bbee993c

Total Operating Revenue (USD, thousands)

Gain (loss) from disposals, net (USD, thousands)

Operating Income (Loss) (USD, thousands)

Income (Loss) from Continuing Operations Before Income Taxes (USD, thousands)

Income Tax Benefit (Expense) (USD, thousands)

Income (Loss) from Continuing Operations (USD, thousands)

Income (loss) from discontinued operations, net of income taxes (USD, thousands)

Net Income (Loss) (USD, thousands)

Net Income (Loss) Attributable to A&B Shareholders (USD, thousands)

478a71a9c8325327c5b2a8342c7a13211e8e9907e0c7e410b13416fc1f8adaa7

The substantial jump in cash balances in Q2 2024 was primarily driven by **strong operating activities**—with increased cash provided by continuing operations and a reduction in outflows from discontinued operations—and a significant turnaround in **investing activities**, notably the proceeds from discontinued operations. These positive contributions more than offset the impact from financing activities, leading to a net increase in cash balances.  **[20240725LA69640:3]** 

What drove the jump in cash balances in Q2 2024?

The significant drop in **Total Assets** in Q4 2023 was driven by several key factors. **Alexander & Baldwin (ALEX)** sold important asset components—including **Grace Pacific LLC, its quarry land on Maui, and a 50% interest in Maui Paving, LLC**—for a total of **$60 million**, which directly removed these assets from their balance sheet.  **[0001545654-24-000006_alexq4andfy2023earningsp.htm:1]** **[0001545654-24-000006_q42023earningsrelease.htm:0]**  Additionally, there was a major reduction in **assets held for sale**, which fell from **$126.8 million** to **$14.0 million**, further impacting the total. The net asset value was also affected by an increase in **accumulated depreciation** of real estate properties and a decrease in **cash and cash equivalents** from **$33.3 million** to **$13.5 million**.  **[0001545654-24-000006_q42023supplement.htm:8]** **[0001545654-24-000008_alex-20231231.htm:77]** 

Why did total assets drop so significantly in Q4 2023?

The decrease in debt in Q1 2024 was primarily driven by a reduction in unsecured debt. This included a **$9,000** repayment on the **Series B Note** and a **$5,000** repayment on the **Series G Note**. These repayments were partially offset by an additional **$9,000** borrowing under the revolving credit facility, along with some minor changes in secured debt balances.  **[0001545654-24-000020_alex-20240331.htm:12]** 

What contributed to the decrease in debt in Q1 2024?

12a0450bc70f35ebfd51e3e0aba6ea926f90282cd812b48f8bcfca89352db6bf

Net income turned negative in Q4 2023 mainly due to a combination of factors. The company reported a loss from discontinued operations of **$11.7 million**—primarily related to the sale of Grace Pacific—which played a major role. Additionally, **impairment losses** of **$2.2 million** related to commercial real estate properties further impacted profitability. Combined with a **decline in Adjusted EBITDA** (from **$35.5 million** to **$30.6 million**) and **higher interest expenses**, these factors shifted net income into negative territory, despite only marginal differences in collections of reserved amounts.  **[ALEX_3375498_2]** **[0001545654-24-000006_alexq4andfy2023earningsp.htm:5]** **[0001545654-24-000006_q42023earningsrelease.htm:1]** **[0001545654-24-000006_q42023supplement.htm:15]** 

Why did Net Income turn negative in Q4 2023?

In Q4 2023, the sharp drop in **interest and other income** was caused by the **de-designation of hedging relationships for two forward interest rate swaps as of December 31, 2023**, which resulted in a reclassification of **$2.7 million** of losses from **Accumulated Other Comprehensive Income (Loss)** to **Interest and other income (expense), net**.  **[0001545654-24-000008_alex-20231231.htm:53]** 

What caused the sharp drop in interest and other income in Q4 2023?

The spike in the **disposals gain** in Q2 2024 was primarily due to the **favorable resolution of contingent liabilities** related to the sale of a legacy business in a prior year, resulting in a reported gain of **$2,125 thousand** compared to **$0 thousand** in Q2 2023.  **[0001545654-24-000024_alex-20240630.htm:39]** **[0001545654-24-000024_alex-20240630.htm:33]** 

Why did the disposals gain spike in Q2 2024?

The swing in discontinued operations in Q4 2023 was driven primarily by the **sale of Grace Pacific** in November 2023. This sale led to recognized losses in discontinued operations, contributing to a **loss of $11.7 million** in Q4 2023. In contrast, the higher loss in Q4 2022 was due to substantially higher charges related to legacy business activities and other adjustments, which further emphasized the swing when comparing the two periods.  **[0001545654-24-000006_alexq4andfy2023earningsp.htm:1]** **[ALEX_3375498_2]** 

What drove the swing in discontinued operations in Q4 2023?

9dafc835a34af1096058729fdb34a17d99dbd6cb326c92a9a2a806dfcf3d2dbc

Net income (loss) [USD, thousands]

Loss (income) from discontinued operations [USD, thousands]

Depreciation and amortization [USD, thousands]

Loss (gain) from disposals, net [USD, thousands]

Loss (gain) on de-designated interest rate swap valuation adjustment [USD, thousands]

Share-based compensation expense [USD, thousands]

Loss (income) related to joint ventures, net of operating cash distributions [USD, thousands]

Operating cash flows from continuing operations [USD, thousands]

Operating cash flows from discontinued operations [USD, thousands]

Net cash provided by (used in) operations [USD, thousands]

Capital expenditures for property, plant and equipment [USD, thousands]

Proceeds from disposal of assets [USD, thousands]

Payments for purchases of investments in affiliates and other investments [USD, thousands]

Investing cash flows from continuing operations [USD, thousands]

Investing cash flows from discontinued operations [USD, thousands]

Net cash provided by (used in) investing activities [USD, thousands]

Payments of notes payable and other debt and deferred financing costs [USD, thousands]

Alexander & Baldwin Inc (Hawaii) (ALEX)

Financials