Mobile Infrastructure (BEEP) - 2024 Q1 - Quarterly Results

Mobile Infrastructure Corporation First Quarter 2024 Financial Results This section provides an overview of Mobile Infrastructure Corporation's first-quarter 2024 financial performance, including management insights, key financial highlights, detailed analysis, financial position, and future outlook Management Commentary Management reported a solid Q1 2024, with 24% revenue growth driven by organic expansion and strategic property conversions, leading to double-digit NOI increase - Year-on-year revenue growth of 24% was driven by mid-single-digit organic growth and the accounting benefit from shifting 26 properties to management contracts[13] - Organic growth was led by increased monthly contract parking revenues and higher demand at parking assets near retail locations[13] - The conversion to management contracts improved operational insight and control over asset-level profitability, enabling real-time decisions on staffing, repairs, and marketing[14] - Since a late 2022 valuation of over $520 million, the company's net operating income has grown by nearly 10%[1] First Quarter Business and Financial Highlights Q1 2024 revenue reached $8.8 million, with NOI at $5.4 million and Adjusted EBITDA at $3.5 million, though net loss widened Q1 2024 Key Financial Metrics (vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenue | $8.8 million | $7.1 million | | Net Loss (to common stockholders) | $2.6 million | $2.3 million | | NOI* | $5.4 million | $4.8 million | | Adjusted EBITDA* | $3.5 million | $3.4 million | Financial Performance Analysis Q1 2024 revenue increased 24.3% to $8.8 million, net loss improved to $3.0 million, and Adjusted EBITDA rose 3.6% to $3.5 million Q1 2024 Revenue & Operating Expenses (vs. Q1 2023) | Item | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $8.8 million | $7.1 million | +24.3% | | Property Taxes & Operating Expenses | $3.4 million | $2.3 million | +47.8% | - Net loss for Q1 2024 was $3.0 million, an improvement compared to a net loss of $3.3 million in Q1 2023[5] - Adjusted EBITDA increased by 3.6% to $3.5 million, reflecting NOI improvements partially offset by increased professional fees and G&A expenses[6] - Interest expense for Q1 2024 decreased to $3.0 million from $3.6 million in the prior-year quarter[18] Financial Position As of March 31, 2024, the company held $13.9 million in cash and reduced total debt to $192.1 million from $219.3 million - The company had $13.9 million in cash, cash equivalents, and restricted cash as of March 31, 2024[34] - Total debt outstanding was $192.1 million as of March 31, 2024, a decrease from $219.3 million on March 31, 2023[34] Summary and Outlook Mobile Infrastructure Corporation reaffirms its full-year 2024 guidance, anticipating accelerated growth in its parking asset portfolio performance Full Year 2024 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $38 million to $40 million | | Net Operating Income (NOI) | $22.5 million to $23.25 million | Financial Statements This section presents the company's consolidated financial statements, including detailed statements of operations and balance sheets Consolidated Statements of Operations Q1 2024 total revenues increased to $8.8 million, driven by managed property revenue, resulting in a net loss of $3.0 million Q1 2024 Statement of Operations Highlights (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $8,827 | $7,103 | | Managed property revenue | $5,501 | $— | | Base rent income | $1,643 | $2,080 | | Percentage rental income | $1,683 | $5,023 | | Total Expenses | $9,381 | $7,522 | | Net Loss | ($2,989) | ($3,343) | | Net loss attributable to common stockholders | ($2,626) | ($2,298) | | Net Loss Per Share (Basic & Diluted) | ($0.09) | ($0.18) | Consolidated Balance Sheets As of March 31, 2024, total assets were $420.1 million, liabilities $217.0 million, and equity $203.1 million Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total investments in real estate, net | $398,359 | $402,879 | | Cash and restricted cash | $13,944 | $16,711 | | Total Assets | $420,067 | $423,237 | | Notes payable & credit facility, net | $192,131 | $192,903 | | Total Liabilities | $216,964 | $220,282 | | Total Equity | $203,103 | $202,955 | Non-GAAP Financial Measures This section details the company's non-GAAP financial measures, including Net Operating Income (NOI) and Adjusted EBITDA Net Operating Income (NOI) NOI, a non-GAAP measure, increased 11.9% to $5.4 million in Q1 2024, reflecting positive property-level operating trends - NOI is defined as total revenues less property operating expenses and property taxes, and is used to assess operating trends at the property level[43] Reconciliation of Net Loss to NOI (in thousands) | | For the Three Months Ended March 31, | | :--- | :--- | :--- | | | 2024 | 2023 | | Net Loss | ($2,989) | ($3,343) | | Adjustments (Interest, D&A, G&A, etc.) | $8,391 | $8,172 | | Net Operating Income | $5,402 | $4,829 | EBITDA and Adjusted EBITDA Adjusted EBITDA, a non-GAAP measure, increased to $3.5 million in Q1 2024, used for performance comparison - The company uses EBITDA and Adjusted EBITDA to facilitate comparisons by excluding items that can vary widely, such as capital structure, tax positions, and non-cash stock-based compensation[31] Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | | For the Three Months Ended March 31, | | :--- | :--- | :--- | | | 2024 | 2023 | | Net Loss | ($2,989) | ($3,343) | | Interest expense | $2,979 | $3,599 | | Depreciation and amortization | $2,093 | $2,126 | | EBITDA | $2,083 | $2,382 | | Adjustments (Impairment, Equity comp., etc.) | $1,449 | $1,027 | | Adjusted EBITDA | $3,532 | $3,409 |