We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| CaliberCos Inc | NASDAQ:CWD | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.05 | -7.14% | 0.65 | 0.6203 | 0.73 | 0.73 | 0.6112 | 0.73 | 117,351 | 00:59:30 |
From Jul 2024 to Jan 2025
Caliber (NASDAQ: CWD; “CaliberCos Inc.”), a real estate investor, developer, and asset manager, today reported results for the second quarter ended on June 30, 2024.
As previously communicated, Caliber has simplified the presentation of its financial statements through the deconsolidation of certain entities’ assets, liabilities, revenues, and expenses from the Company’s financials. Caliber’s GAAP financial metrics are impacted by the timing of deconsolidation. As such, periods presented may not be comparable due to the deconsolidation of certain entities.
Second Quarter 2024 Financial Highlights (compared to second quarter 2023)
Management Commentary
“Our second quarter performance was in line with our expectations, with asset management revenue up nearly 25% year-over-year,” said Chris Loeffler, CEO of Caliber. “We are on track to achieve the $6.5 million in annualized cost savings from our recent cost reduction initiatives, with a partial impact expected in the second half of the year. Caliber remains focused on our goal of achieving profitability in the short term and we expect to generate positive adjusted EBITDA by the fourth quarter of 2024 and positive net profit for the full year 2025.”
“As we continue to sharpen our focus on increasing revenue, Caliber has set three priorities for top-line growth. Our first priority is to acquire more income-producing real estate investments with a target to close on the first $1 billion of assets in our planned roll-up of the Caliber Hospitality Trust, or CHT.”
“Our second priority to accelerate revenue growth is to provide more single-asset investment offerings and our third priority is to develop projects in our pipeline related to existing Caliber properties, which we expect will drive the best results for our stakeholders.”
Business Update
The following are key milestones completed both during and subsequent to the second quarter ended June 30, 2024.
Conference Call Information
Caliber will host a conference call today, Monday, August 12, 2024, at 5:00 p.m. Eastern Time (ET) to discuss its second quarter 2024 financial results and business outlook. To access this call, dial 1-800-717-1738 (domestic) or 1-646-307-1865 (international). A live webcast of the conference call will be available via the investor relations section of Caliber’s website under “Financial Results.” The webcast replay of the conference call will be available on Caliber’s website shortly after the call concludes.
About Caliber (CaliberCos Inc.) (NASDAQ: CWD)
With more than $2.9 billion of managed assets, including estimated costs to complete assets under development, Caliber’s 15-year track record of managing and developing real estate is built on a singular goal: make money in all market conditions. Our growth is fueled by our performance and our competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions do not. Integral to our competitive advantage is our in-house shared services group, which offers Caliber greater control over our real estate and visibility to future investment opportunities. There are multiple ways to participate in Caliber’s success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.
Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate including, but not limited to, the Company’s ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, the closing of the transaction with L.T.D. Hospitality Group LLC and the viability of and ability of the Company to adequately access the real estate and capital markets. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the Company’s public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
CALIBERCOS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended June 30,
2024
2023
(unaudited)
Revenues
Asset management revenues
$
3,226
$
1,894
Performance allocations
16
12
Consolidated funds – hospitality revenues
2,894
16,273
Consolidated funds – other revenues
2,043
2,266
Total revenues
8,179
20,445
Expenses
Operating costs
5,535
6,820
General and administrative
2,079
1,426
Marketing and advertising
227
325
Depreciation and amortization
144
137
Consolidated funds – hospitality expenses
3,312
20,749
Consolidated funds – other expenses
1,358
1,949
Total expenses
12,655
31,406
Other income, net
318
546
Interest income
157
96
Interest expense
(1,315
)
(1,261
)
Net loss before income taxes
(5,316
)
(11,580
)
Benefit from income taxes
—
—
Net loss
(5,316
)
(11,580
)
Net loss attributable to noncontrolling interests
(586
)
(5,854
)
Net loss attributable to CaliberCos Inc.
(4,730
)
(5,726
)
Basic and diluted net loss per share attributable to common stockholders
$
(0.22
)
$
(0.29
)
Weighted average common shares outstanding:
Basic and diluted
21,811
19,612
CALIBERCOS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
June 30, 2024
December 31, 2023
(unaudited)
Assets
Cash
$
638
$
940
Restricted cash
2,455
2,569
Real estate investments, net
21,621
21,492
Notes receivable - related parties
778
50
Due from related parties
11,118
9,709
Investments in unconsolidated entities
12,475
3,338
Operating lease - right of use assets
170
193
Prepaid and other assets
2,661
2,781
Assets of consolidated funds
Cash
1,146
2,865
Restricted cash
316
11,266
Real estate investments, net
83,251
185,636
Accounts receivable, net
168
1,978
Notes receivable - related parties
57,194
34,620
Operating lease - right of use assets
—
10,318
Prepaid and other assets
1,248
11,677
Total assets
$
195,239
$
299,432
CALIBERCOS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)
June 30, 2024
December 31, 2023
Liabilities and Stockholders’ Equity
Notes payable
$
50,169
$
53,799
Accounts payable and accrued expenses
9,707
8,886
Due to related parties
86
257
Operating lease liabilities
106
119
Other liabilities
813
420
Liabilities of consolidated funds
Notes payable, net
36,553
129,684
Notes payable - related parties
—
12,055
Accounts payable and accrued expenses
1,792
11,736
Due to related parties
168
101
Operating lease liabilities
—
13,957
Other liabilities
641
2,400
Total liabilities
100,035
233,414
Commitments and Contingencies
Common stock Class A, $0.001 par value; 100,000,000 shares authorized, 14,628,638 and 13,872,671 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
15
14
Common stock Class B, $0.001 par value; 15,000,000 shares authorized, 7,416,414 shares issued and outstanding as June 30, 2024 and December 31, 2023
7
7
Paid-in capital
40,599
39,432
Accumulated deficit
(45,365
)
(36,830
)
Stockholders’ equity (deficit) attributable to CaliberCos Inc.
(4,744
)
2,623
Stockholders’ equity attributable to noncontrolling interests
99,948
63,395
Total stockholders’ equity
95,204
66,018
Total liabilities and stockholders’ equity
$
195,239
$
299,432
Definitions
Assets Under Management
AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM:
Non-GAAP Measures
We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provides investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.
Fee-Related Earnings and Related Components
Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and gain (loss) on extinguishment of debt, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.
Distributable Earnings
Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution.
Caliber Adjusted EBITDA
Caliber Adjusted EBITDA represents the Company’s Distributable Earnings adjusted for interest expense, the share repurchase costs related to the Company’s Buyback Program, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), Loss on CRAF Investment Redemption, Gain on extinguishment of Payroll Protection Program loans, and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management.
Consolidated Adjusted EBITDA
Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, the share repurchase costs related to the Company’s Buyback Program, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items.
NON-GAAP RECONCILIATIONS
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Three Months Ended June 30,
2024
2023
Net loss attributable to CaliberCos Inc.
$
(4,730
)
$
(5,726
)
Net income (loss) attributable to noncontrolling interests
(586
)
(5,854
)
Net loss
(5,316
)
(11,580
)
Provision for income taxes
—
—
Net loss before income taxes
(5,316
)
(11,580
)
Depreciation and amortization
119
137
Consolidated funds' impact on fee-related earnings
491
5,781
Stock-based compensation
584
1,922
Severance
171
—
Performance allocations
(16
)
(12
)
Other expenses (income), net
(318
)
(546
)
Interest expense, net
1,145
763
Fee-related earnings
(3,140
)
(3,535
)
Performance allocations
16
12
Interest expense, net
(1,145
)
(763
)
Provision for income taxes
—
—
Distributable earnings
(4,269
)
(4,286
)
Interest expense
1,315
1,261
Other expenses (income), net
318
546
Provision for income taxes
—
—
Consolidated funds' impact on Caliber adjusted EBITDA
185
152
Caliber adjusted EBITDA
(2,451
)
(2,327
)
Consolidated funds' EBITDA adjustments
1,485
1,070
Consolidated adjusted EBITDA
$
(966
)
$
(1,257
)
ASSET MANAGEMENT PLATFORM SEGMENT(1)
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Three Months Ended June 30, 2024
Unconsolidated
Impact of Consolidated Fund and Eliminations
Consolidated
Revenues
Asset management
$
4,179
$
(953
)
$
3,226
Performance allocations
33
(17
)
16
Consolidated funds – hospitality revenue
—
2,894
2,894
Consolidated funds – other revenue
—
2,043
2,043
Total revenues
4,212
3,967
8,179
Expenses
Operating costs
5,760
(225
)
5,535
General and administrative
2,091
(12
)
2,079
Marketing and advertising
227
—
227
Depreciation and amortization
119
25
144
Consolidated funds – hospitality expenses
—
3,312
3,312
Consolidated funds – other expenses
—
1,358
1,358
Total expenses
8,197
4,458
12,655
Other income (expenses), net
490
(172
)
318
Interest income
170
(13
)
157
Interest expense
(1,315
)
—
(1,315
)
Net loss before income taxes
$
(4,640
)
$
(676
)
$
(5,316
)
Provision for income taxes
—
—
—
Net loss
(4,640
)
(676
)
(5,316
)
Net loss attributable to noncontrolling interests
—
(586
)
(586
)
Net loss attributable to CaliberCos Inc.
$
(4,640
)
$
(90
)
$
(4,730
)
___________________________________________
(1) Represents the results of our asset management platform segment, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.
Three Months Ended June 30, 2023
Unconsolidated
Impact of Consolidated Fund and Eliminations
Consolidated
Revenues
Asset management
$
3,348
$
(1,454
)
$
1,894
Performance allocations
24
(12
)
12
Consolidated funds – hospitality revenue
—
16,273
16,273
Consolidated funds – other revenue
—
2,266
2,266
Total revenues
3,372
17,073
20,445
Expenses
Operating costs
6,731
89
6,820
General and administrative
1,398
28
1,426
Marketing and advertising
326
(1
)
325
Depreciation and amortization
92
45
137
Consolidated funds – hospitality expenses
—
20,749
20,749
Consolidated funds – other expenses
—
1,949
1,949
Total expenses
8,547
22,859
31,406
Other income (expenses), net
297
249
546
Interest income
497
(401
)
96
Interest expense
(1,260
)
(1
)
(1,261
)
Net loss before income taxes
$
(5,641
)
$
(5,939
)
$
(11,580
)
Provision for income taxes
—
—
—
Net loss
(5,641
)
(5,939
)
(11,580
)
Net loss attributable to noncontrolling interests
—
(5,854
)
(5,854
)
Net loss attributable to CaliberCos Inc.
$
(5,641
)
$
(85
)
$
(5,726
)
REVENUE(1)
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Three Months Ended June 30, 2024
2024
2023
Fund set-up fees
$
665
$
9
Fund management fees
2,665
2,369
Financing fees
80
150
Development and construction fees
328
657
Brokerage fees
441
163
Total asset management
4,179
3,348
Performance allocations
33
24
Total revenue
$
4,212
$
3,372
___________________________________________
(1) Represents the results of our asset management platform segment, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.
FV AUM
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Balances as of December 31, 2023
$
741,190
CHT contribution
29,900
Construction and net market appreciation
10,971
Assets sold(1)
(12,771
)
Credit(2)
(781
)
Other(3)
(1,771
)
Balances as of March 31, 2024
766,738
Assets acquired(4)
14,000
Construction and net market appreciation
27,994
Assets sold or disposed(1)
(22,994
)
Credit(2)
(12,835
)
Other(3)
310
Balances as of June 30, 2023
$
773,213
June 30,
2024
2023
Real Estate
Hospitality
$
68,000
$
67,200
Caliber Hospitality Trust
234,300
201,600
Residential
140,700
138,000
Commercial
251,300
240,400
Total Real Estate
694,300
647,200
Credit(1)
70,972
84,588
Other(2)
7,941
9,402
Total
$
773,213
$
741,190
___________________________________________
(1)
Assets sold during the six months ended June 30, 2024 include a commercial asset, lot sales related to two development assets in Colorado, and one home from our residential fund.
(2)
Credit FV AUM represents loans made to Caliber’s investment funds by our diversified credit fund.
(3)
Other FV AUM represents undeployed capital held in our diversified funds.
(4)
Assets acquired during the six months ended June 30, 2024 include land for one commercial asset in Colorado.
MANAGED CAPITAL
(AMOUNTS IN THOUSANDS) (UNAUDITED)
Managed Capital
Balances as of December 31, 2023
$
437,625
Originations
19,099
Redemptions
(2,819
)
Balances as of March 31, 2024
453,905
Originations
18,936
Redemptions
(3,041
)
Balances as of June 30, 2024
$
469,800
June 30, 2024
December 31, 2023
Real Estate
Hospitality
$
43,660
$
43,660
Caliber Hospitality Trust(1)
95,817
70,747
Residential
89,713
74,224
Commercial
161,697
155,004
Total Real Estate(2)
390,887
343,635
Credit(3)
70,972
84,588
Other(4)
7,941
9,402
Total
$
469,800
$
437,625
_________________________________________
(1)
The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust.
(2)
Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. As of June 30, 2024 and December 31, 2023, the Company had invested $18.8 million and $18.3 million, respectively, in our funds.
(3)
Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. As of June 30, 2024 and December 31, 2023, the Company had loaned $1.1 million and $8.5 million to our funds.
(4)
Other managed capital represents undeployed capital held in our diversified funds.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240812163924/en/
Caliber: Victoria Rotondo +1 480-295-7600 Victoria.Rotondo@caliberco.com
Investor Relations: Lisa Fortuna, Financial Profiles +1 310-622-8251 ir@caliberco.com
Media Relations: Kelly McAndrew, Financial Profiles +1 310-622-8239 KMcAndrew@finprofiles.com
1 Year CaliberCos Chart |
1 Month CaliberCos Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
