df62206b3aaa255a8d88d89a84a9f0d75ecaf3bbb2b53655de1a939fa846eb52

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 / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

5a30cbd9e297b9a4f851d723d3c5eb941f9b8093de94078b84d8f86823fefa85

4c597d08ee08e1b4f12342e0e6351a7c561a785da14ae68dd81d189bac96a4d0

ca02d6b27845cac4fe17d64c5ad75215bfb078f2d0795ba06be2bbcab476cd07

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]

Proceeds from the sale of assets [USD, thousands]

Net cash used in investing activities [USD, thousands]

Distribution to noncontrolling interests [USD, thousands]

Contributions from noncontrolling interest [USD, thousands]

Repurchase of Company stock [USD, thousands]

Exercise of employee stock options [USD, thousands]

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

Net decrease in cash and cash equivalents [USD, thousands]

Interest paid [USD, thousands]

Income taxes paid [USD, thousands]

Deferred income taxes [USD, thousands]

Accounts receivable [USD, thousands]

Deferred costs and other assets [USD, thousands]

Accounts payable and accrued liabilities [USD, thousands]

Income taxes payable and receivable [USD, thousands]

Other long-term liabilities [USD, thousands]

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]

c632d032397d7b0d784d66aadac3b887e89c4a729d5668c54ad06ef74635fcc3

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?

89e5057663c75060db68afbbb24932171416f09bedba3b339029554884d3e59b

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?

ffe3dc130fb80139c1b50974144c627de24c2fd359786b57798677feab25da23

FRP Holdings Inc (FRPH)

Financials