NEWCASTLE INVESTMENT CORP

CIK:0001175483|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues	$ 88,674	$ 76,366	$ 244,344	$ 211,337
Operating costs
Operating expenses	70,026	60,729	190,638	165,234
Cost of sales - food and beverages	4,985	3,696	14,134	8,951
General and administrative expense	8,572	9,685	29,190	25,697
Depreciation and amortization	6,819	5,823	19,144	17,852
Pre-opening costs	2,145	2,030	4,830	3,375
(Gain) loss on lease terminations and impairment	1,318	324	16,350	2,972
Total operating costs	93,865	82,287	274,286	224,081
Operating income (loss)	(5,191)	(5,921)	(29,942)	(12,744)
Other income (expenses)
Interest and investment income	220	190	636	502
Interest expense, net	(2,608)	(2,626)	(8,802)	(7,964)
Other income (loss), net	920	107	4,559	29
Total other income (expenses)	(1,468)	(2,329)	(3,607)	(7,433)
Loss before income tax	(6,659)	(8,250)	(33,549)	(20,177)
Income tax expense	472	616	2,061	1,562
Consolidated net loss	(7,131)	(8,866)	(35,610)	(21,739)
Less: net income (loss) attributable to noncontrolling interest	21	(15)	(60)	(15)
Net loss attributable to the Company	(7,152)	(8,851)	(35,550)	(21,724)
Preferred dividends	(1,395)	(1,395)	(4,185)	(4,185)
Loss applicable to common stockholders, Basic	(8,547)	(10,246)	(39,735)	(25,909)
Loss applicable to common stockholders, diluted	$ (8,547)	$ (10,246)	$ (39,735)	$ (25,909)
Loss applicable to common stock, per share
Basic (in usd per share)	$ (0.09)	$ (0.11)	$ (0.43)	$ (0.29)
Diluted (in usd per share)	$ (0.09)	$ (0.11)	$ (0.43)	$ (0.29)
Weighted average number of shares of common stock outstanding
Basic (in shares)	92,385,019	92,085,846	92,339,823	88,938,344
Diluted (in shares)	92,385,019	92,085,846	92,339,823	88,938,344
Golf operations
Revenues
Total revenues	$ 70,872	$ 62,257	$ 193,732	$ 177,170
Sales of food and beverages
Revenues
Total revenues	$ 17,802	$ 14,109	$ 50,612	$ 34,167

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows From Operating Activities
Net loss	$ (35,610)	$ (21,739)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	19,144	17,852
Amortization of discount and premium	(557)	(409)
Other amortization	7,319	6,092
Amortization of revenue on golf membership deposit liabilities	(1,708)	(1,642)
Amortization of prepaid golf membership dues	(11,804)	(12,646)
Non-cash operating lease expense	6,251	3,157
Stock-based compensation	(444)	1,504
Loss on lease terminations and impairment	16,350	2,972
Gain from insurance proceeds for property loss	(3,033)	0
Other losses, net	70	119
Change in:
Accounts receivable, net, other current assets and other assets - noncurrent	(4,347)	(8,271)
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent	20,280	5,141
Net cash provided by (used in) operating activities	11,911	(7,870)
Cash Flows From Investing Activities
Insurance proceeds for property loss	3,033	0
Acquisition and additions of property and equipment and intangibles	(50,969)	(22,251)
Net cash used in investing activities	(47,936)	(22,251)
Cash Flows From Financing Activities
Repayments of debt obligations	(4,182)	(4,620)
Golf membership deposits received	13	1,484
Proceeds from issuance of common stock	3	53,905
Capital distribution paid	(285)	0
Preferred stock dividends paid	(4,185)	(2,790)
Other financing activities	(1,684)	(673)
Net cash provided by (used in) financing activities	(10,320)	47,306
Net Increase (Decrease) in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent	(46,345)	17,185
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period	62,564	50,833
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period	16,219	68,018
Supplemental Schedule of Non-Cash Investing and Financing Activities
Preferred stock dividends declared but not paid	930	930
Additions to finance lease assets and liabilities	1,548	1,670
Capital contribution	0	1,041
Non-cash purchases of property and equipment	(13,081)	(620)
Additions for right of use assets in exchange for new operating lease liabilities	30,756	9,862
Cash paid during the period for interest expense	1,745	2,165
Cash paid during the period for income taxes	$ 1,985	$ 1,489

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 11,655	$ 58,286
Restricted cash	4,348	3,480
Accounts receivable, net	5,852	5,563
Real estate securities, available-for-sale	2,041	3,486
Other current assets	35,123	30,034
Total current assets	59,019	100,849
Restricted cash, noncurrent	216	798
Property and equipment, net of accumulated depreciation	186,125	179,260
Operating lease right-of-use assets	192,167	181,915
Intangibles, net of accumulated amortization	12,657	13,430
Other assets	5,507	6,538
Total assets	455,691	482,790
Current liabilities
Obligations under finance leases	4,847	5,400
Membership deposit liabilities	20,847	18,039
Accounts payable and accrued expenses	40,416	34,469
Deferred revenue	15,469	26,301
Other current liabilities	28,246	26,524
Total current liabilities	109,825	110,733
Credit facilities and obligations under finance leases - noncurrent	6,773	9,075
Operating lease liabilities - noncurrent	179,732	166,031
Junior subordinated notes payable	51,169	51,174
Membership deposit liabilities, noncurrent	107,292	104,430
Deferred revenue, noncurrent	10,748	10,005
Other liabilities	2,816	1,487
Total liabilities	468,355	452,935
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 1,347,321 shares of 9.75% Series B Cumulative Redeemable Preferred Stock, 496,000 shares of 8.05% Series C Cumulative Redeemable Preferred Stock, and 620,000 shares of 8.375% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, issued and outstanding as of September 30, 2022 and December 31, 2021	61,583	61,583
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 92,385,019 and 92,093,425 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively.	924	921
Additional paid-in capital	3,231,506	3,233,608
Accumulated deficit	(3,308,612)	(3,268,876)
Accumulated other comprehensive income (loss)	(834)	1,163
Total equity of the company	(15,433)	28,399
Noncontrolling interest	2,769	1,456
Total equity (deficit)	(12,664)	29,855
Total liabilities and equity	$ 455,691	$ 482,790