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Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

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Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

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The relatively low cash and cash equivalents in Q3 2024 were mainly due to significant cash outflows in investing activities, particularly a **$42.5 million** increase in property investments—including **$30.3 million** directed toward consolidated warehouse joint ventures and active warehouse construction—which greatly reduced the cash balance. Additionally, while operating and financing activities contributed to the overall cash change, the substantial cash used for these investments was the primary factor behind the low cash levels seen in Q3 2024.  **[0000844059-24-000041_frph-20240930.htm:34]** 

Why was Cash and cash equivalents so low in Q3 2024?

The documents indicate that **accounts payable and accrued liabilities** increased from **$5,971,000** at the end of 2022 to **$8,333,000** at the end of 2023. However, **no specific reasons** for this spike were provided in the documents.  **[0000844059-24-000004_frphq4pr.htm:7]** 

What caused the spike in Accounts payable and accrued liabilities in Q4 2023?

The increase in **Cash held in escrow** in Q2 2024 was primarily driven by **cash held in escrow activities** during the six months ended June 30, 2024, which resulted in an addition of **$631,000**. This increase reflects the company setting aside funds for specific operational or transactional requirements as noted in the cash flow statement.  **[0000844059-24-000039_frph-20240630.htm:3]** 

What drove the increase in Cash held in escrow in Q2 2024?

The **Projects under construction** nearly tripled because the company significantly increased its investments in **active warehouse construction** and **consolidated warehouse joint ventures**. Specifically, the company invested about **$30.3 million** in these areas during the first nine months of 2024, driving the increase from **$10,845,000** to **$29,414,000**.  **[0000844059-24-000040_frph-20241106xexx99.htm:9]** **[0000844059-24-000041_frph-20240930.htm:3]** **[0000844059-24-000041_frph-20240930.htm:34]** 

Why did Projects under construction nearly triple in Q3 2024?

The documents report that deferred revenue increased from **$925,000** in Q4 2023 to **$2,392,000** in Q3 2024.  **[0000844059-24-000041_frph-20240930.htm:3]** **[0000844059-24-000040_frph-20241106xexx99.htm:9]**  However, they do not provide specific factors or underlying reasons for this surge.  **[0000844059-24-000040_frph-20241106xexx99.htm:9]** **[0000844059-24-000041_frph-20240930.htm:3]** 

What factors contributed to the surge in Deferred revenue in Q3 2024?

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The lower operating cash flow in Q1 2024 primarily resulted from a larger reduction in accounts payable and accrued liabilities. Specifically, **FRPH's net cash provided by operating activities declined by $1,781,000** (from **$4,687,000** in Q1 2023 to **$2,906,000** in Q1 2024), largely due to a **$1,649,000 greater decrease in accounts payable and accrued liabilities** in Q1 2024 compared to Q1 2023.  **[0000844059-24-000032_frphmarq24.htm:24]** **[0000844059-24-000032_frphmarq24.htm:4]** 

Why was Operating Cash Flow so low in Q1 2024?

The jump in operating cash flow in Q4 2023 was primarily driven by **increases in operating profit and interest income**, which outweighed the impact of higher joint venture losses that were reflected in investing activities.  **[0000844059-24-000018_frph10k23.htm:56]** 

What drove the jump in Operating Cash Flow in Q4 2023?

Cash outflows for investing nearly doubled in FY 2023 primarily because **investments in joint ventures increased dramatically**. The company boosted its joint venture investments from **$21,578,000 in FY 2022 to $46,693,000 in FY 2023**, including significant allocations such as **$12 million for a loan paydown, $19.6 million for the Aberdeen Overlook lending venture, and additional outlays** related to interest rate impacts and predevelopment activities. Additionally, there were **lower returns of capital from joint ventures** compared to the previous year, which further contributed to the larger net cash outflow, despite offsetting declines in property investments.  **[0000844059-24-000018_frph10k23.htm:57]** **[0000844059-24-000018_frph10k23.htm:64]** 

Why did cash outflows for investing nearly double in FY 2023?

The spike in investing cash usage in Q3 2024 was driven by an **increase in property investments** of **$42.5 million**, which included **$30.3 million invested** by FRP Holdings and BBX in consolidated warehouse joint ventures and active construction of company warehouse projects, a **decrease in investments in joint ventures** by **$17.4 million** due to lower capital calls and lending activities, and an **increase in the return of capital from joint ventures** by **$6.9 million** related to permanent financing and higher returns from lending ventures.  **[0000844059-24-000041_frph-20240930.htm:34]** 

What factors led to the spike in investing cash usage in Q3 2024?

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Net income [USD, thousands]

Depreciation, depletion and amortization [USD, thousands]

Equity in loss of joint ventures [USD, thousands]

Gain on sale of equipment and property [USD, thousands]

Stock-based compensation [USD, thousands]

Net cash provided by operating activities [USD, thousands]

Return of capital from investments in joint ventures [USD, thousands]

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Investments in properties [USD, thousands]

Investments in joint ventures [USD, thousands]

Cash held in escrow [USD, thousands]

Cash and cash equivalents at beginning of year [USD, thousands]

Cash and cash equivalents at end of the period [USD, thousands]

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(Loss) gain on sale of real estate (USD, thousands)

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Net income attributable to the Company (USD, thousands)

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850b6903c05c50be6462d01d4eb9c5f3f63a9600ad44148faac4a00fd55275b9

FRP Holdings Inc (FRPH)

Financials