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Caliber(CWD) - 2024 Q1 - Earnings Call Transcript
2024-05-10 20:35
Financial Data and Key Metrics Changes - Total consolidated revenue for Q1 2024 was $23 million, a decrease of 22.3% compared to the same period last year, primarily due to a decrease in consolidated fund revenues and performance allocation revenue [52][57] - Net loss attributed to Caliber was $3.8 million or $0.18 per diluted share, compared to a net loss of $1.2 million or $0.07 per diluted share in the same period last year [57] - Adjusted EBITDA loss for Q1 was $1.7 million, compared to adjusted EBITDA of $1 million during the same period a year ago [27] Business Line Data and Key Metrics Changes - Platform revenue decreased by 25.6% to $4.7 million due to lower performance allocations [53] - Fund management fees increased by 11% to $2.6 million, related to a change in fee structure effective upon the contribution of hospitality assets [53] - Development and construction fees increased by 73%, primarily due to fees earned from completing predevelopment work for three projects during the quarter [24] Market Data and Key Metrics Changes - Managed capital increased from $438 million to $454 million from December 31, 2023, to March 31, 2024 [56] - The company signed 26 selling agreements with regional broker-dealers and registered investment advisers for investments in company-sponsored products, indicating improved fundraising activity [4][10] Company Strategy and Development Direction - The company aims to expand fundraising activity, targeting $750 million from 2024 through 2026, and grow AUM to $3 billion, with a focus on the Caliber Hospitality Trust reaching $1 billion in AUM [28][29] - Cost reduction initiatives are in place, with identified savings of approximately $6 million on an annualized basis, aiming to return to annual operating costs of approximately $15 million [18][50] - The company is focused on consistent profitable growth and is actively evaluating opportunities to enhance transparency in financial presentation [20][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in medium and long-term growth prospects, despite current industry conditions and low transaction volume [20] - The management team is focused on achieving profitability as soon as possible and has initiated a review of the cost structure to reflect current market dynamics [48][50] - Management noted ongoing fundraising efforts and the expectation of more normalized fundraising throughout the year [87] Other Important Information - The deconsolidation of six hotel assets has significantly impacted financial results, contributing to a reduction of assets from $299 million in Q1 2023 to $201 million in Q1 2024 [15][21] - Interest expense increased to $1.3 million in Q1 2024, compared to $800,000 in the same period last year, primarily due to an increase in corporate notes outstanding [58] Q&A Session Summary Question: What pace can investors expect with additional selling agreements in the future? - Management indicated that they did not anticipate the rapid increase in selling agreements and expect to see continued growth throughout the year [66][84] Question: Will fundraising seasonality shift due to new selling agreements? - Management believes that some seasonality will continue, particularly in retail channels, but expects more normalized fundraising results throughout the year [67][87] Question: Can you speak to the debt maturity profile and plans to address upcoming maturities? - Management is constantly monitoring debt and plans to refinance with institutional debt providers to extend maturities and recycle capital [75][77]
Caliber(CWD) - 2024 Q1 - Earnings Call Presentation
2024-05-09 23:41
(605) 702 I 3 (1,828) 831 35 T H E W E A L T H D E V E L O P M E N T C O M P A N Y 36 Brokerage fees REVENUE(1) (AMOUNTS IN THOUSANDS) (UNAUDITED) MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED) (1) The Company earns a find management fies 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 $ 1Q 2024 Earnings Supplemental Building on a 15-year track record of profitable growth and success ©2024 Caliber Discla ...
Caliber(CWD) - 2024 Q1 - Quarterly Report
2024-05-09 22:04
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-41703 CALIBERCOS INC. (Exact name of registrant as specified in its charter) | Delaware | 47-2426901 | | --- | --- | | (State or other jurisdiction of incorporati ...
Caliber(CWD) - 2024 Q1 - Quarterly Results
2024-05-09 20:07
Exhibit 99.1 SCOTTSDALE, Ariz., May 9, 2024 – Caliber (NASDAQ: CWD; "CaliberCos Inc."), a real estate investor, developer, and asset manager, today reported results for the first quarter ended on March 31, 2024. • Total revenue of $23.0 million, a 22.3% decrease • Platform revenue of $4.7 million, a 25.6% decrease – Asset management revenue of $4.6 million, a 16.1% increase – Performance allocations of $0.2 million, related to the sale of land in Johnstown, Colorado • Net loss attributable to Caliber of $3. ...
Caliber(CWD) - 2023 Q4 - Annual Report
2024-04-16 01:49
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-41703 CALIBERCOS INC. (Exact name of registrant as specified in its charter) | Delaware | 47-2426901 | | --- | ...
Caliber(CWD) - 2023 Q4 - Earnings Call Transcript
2024-04-16 00:13
CaliberCos Inc. (NASDAQ:CWD) Q4 2023 Earnings Conference Call April 15, 2024 5:00 PM ET Company Participants Lisa Fortuna - Investor Relations Chris Loeffler - Co-Founder and Chief Executive Officer Jade Leung - Chief Financial Officer Conference Call Participants Brendan McCarthy - Sidoti & Company Operator Ladies and gentlemen, welcome to Caliber’s Fourth Quarter and Full-Year 2023 Earnings Call. As a reminder, today's call is being recorded for replay purposes. At this time, all lines are in a listen-onl ...
Caliber to Participate in Sidoti Small-Cap Virtual Conference on March 13, 2024
Businesswire· 2024-03-11 12:00
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Caliber (the “Company” or “CaliberCos Inc.”) (NASDAQ: CWD), a real estate investor, developer, and manager, today announced that Jade Leung, CFO of Caliber, will present at the Sidoti Small-Cap Virtual Conference on Wednesday, March 13, 2024, at 1:00 PM ET. Mr. Leung will also be available for one-on-one meetings with institutional investors held throughout the day. During his presentation, Mr. Leung plans to discuss Caliber’s business model for growth and the growing opp ...
Caliber Completes Sale of South Ridge Land Parcel in Johnstown, Colorado
Businesswire· 2024-01-30 13:30
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Caliber (NASDAQ: CWD), a real estate investor, developer, and manager, today announced the sale of South Ridge, an 80-acre parcel of land in Johnstown, Colo., to Journey Homes for $7.6 million. Caliber purchased the land in September 2021 for $5.38 million as part of its Johnstown Development, an approximately 750-acre master-planned, mixed-use development project. The firm launched a single asset debt offering alongside a land loan secured by Guaranty Bank to fund the ac ...
Caliber(CWD) - 2023 Q3 - Quarterly Report
2023-11-12 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-41703 CALIBERCOS INC. (Exact name of registrant as specified in its charter) | Delaware | 47-2426901 | | --- | ...
Caliber(CWD) - 2023 Q2 - Quarterly Report
2023-08-10 16:00
The following table summarizes managed capital for our investment fund portfolios as of June 30, 2023 and December 31, 2022 (in thousands): 53 FV AUM (1) Assets acquired during the six months ended June 30, 2023 include one development asset in Colorado, our headquarters office building, and one multi-family residential asset in Arizona. (2) Credit FV AUM represents loans made to Caliber's investment funds by our diversified credit fund. We present Consolidated EBITDA, Consolidated Adjusted EBITDA, and Cali ...