Annual Income Statements for Farmland Partners
This table shows Farmland Partners' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Farmland Partners
This table shows Farmland Partners' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
0.35 |
5.78 |
0.86 |
7.00 |
3.45 |
16 |
0.61 |
-2.77 |
1.03 |
58 |
Consolidated Net Income / (Loss) |
|
1.12 |
6.71 |
1.71 |
7.90 |
4.32 |
18 |
1.41 |
-2.05 |
1.84 |
60 |
Net Income / (Loss) Continuing Operations |
|
1.12 |
6.71 |
1.71 |
7.90 |
4.32 |
18 |
1.41 |
-2.05 |
1.84 |
60 |
Total Pre-Tax Income |
|
1.15 |
6.81 |
1.72 |
7.90 |
4.12 |
18 |
1.43 |
-2.05 |
1.85 |
60 |
Total Revenue |
|
13 |
8.81 |
7.75 |
5.74 |
5.39 |
16 |
12 |
11 |
15 |
74 |
Total Non-Interest Income |
|
13 |
21 |
13 |
12 |
12 |
22 |
12 |
11 |
15 |
74 |
Net Realized & Unrealized Capital Gains on Investments |
|
-0.05 |
- |
- |
- |
- |
- |
-0.09 |
-0.01 |
1.98 |
52 |
Other Non-Interest Income |
|
13 |
22 |
13 |
12 |
12 |
22 |
12 |
11 |
13 |
21 |
Total Non-Interest Expense |
|
8.42 |
9.33 |
7.84 |
8.83 |
12 |
11 |
6.84 |
8.21 |
8.09 |
10 |
Net Occupancy & Equipment Expense |
|
2.12 |
2.06 |
2.18 |
2.43 |
2.10 |
1.95 |
1.80 |
1.87 |
1.96 |
1.74 |
Other Operating Expenses |
|
4.61 |
5.36 |
3.85 |
4.19 |
3.76 |
5.66 |
3.54 |
4.91 |
4.72 |
6.60 |
Depreciation Expense |
|
1.67 |
1.88 |
1.79 |
2.21 |
1.90 |
1.59 |
1.48 |
1.43 |
1.41 |
1.26 |
Restructuring Charge |
|
0.02 |
0.02 |
0.01 |
0.00 |
0.00 |
- |
0.03 |
0.00 |
0.00 |
0.00 |
Nonoperating Income / (Expense), net |
|
-3.53 |
7.32 |
1.80 |
11 |
10 |
13 |
-3.63 |
-5.28 |
-5.35 |
-3.13 |
Income Tax Expense |
|
0.03 |
0.10 |
0.01 |
0.00 |
-0.19 |
0.01 |
0.02 |
-0.00 |
0.01 |
-0.05 |
Preferred Stock Dividends Declared |
|
0.74 |
0.78 |
0.82 |
0.71 |
0.76 |
0.83 |
0.77 |
0.77 |
0.77 |
1.18 |
Net Income / (Loss) Attributable to Noncontrolling Interest |
|
0.03 |
0.15 |
0.04 |
0.19 |
0.11 |
0.44 |
0.04 |
-0.05 |
0.05 |
1.51 |
Basic Earnings per Share |
|
$0.01 |
$0.11 |
$0.02 |
$0.14 |
$0.07 |
$0.32 |
$0.01 |
($0.06) |
$0.02 |
$1.22 |
Weighted Average Basic Shares Outstanding |
|
53.50M |
50.95M |
54.01M |
50.86M |
48.43M |
50.24M |
47.70M |
47.80M |
47.84M |
47.55M |
Diluted Earnings per Share |
|
$0.01 |
$0.11 |
$0.02 |
$0.12 |
$0.07 |
$0.32 |
$0.01 |
($0.06) |
$0.02 |
$1.09 |
Weighted Average Diluted Shares Outstanding |
|
53.50M |
50.95M |
54.01M |
59.11M |
48.43M |
58.29M |
47.70M |
47.80M |
47.84M |
55.99M |
Weighted Average Basic & Diluted Shares Outstanding |
|
54.58M |
54.34M |
51.91M |
48.84M |
48.19M |
48.03M |
48.15M |
48.17M |
48.17M |
45.89M |
Cash Dividends to Common per Share |
|
$0.06 |
$0.06 |
$0.06 |
$0.06 |
$0.06 |
$0.27 |
$0.06 |
$0.06 |
$0.06 |
$1.21 |
Annual Cash Flow Statements for Farmland Partners
This table details how cash moves in and out of Farmland Partners' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-23 |
-2.17 |
73 |
Net Cash From Operating Activities |
17 |
13 |
16 |
Net Cash From Continuing Operating Activities |
17 |
13 |
16 |
Net Income / (Loss) Continuing Operations |
12 |
32 |
61 |
Consolidated Net Income / (Loss) |
12 |
32 |
61 |
Provision For Loan Losses |
0.12 |
0.02 |
0.00 |
Depreciation Expense |
6.96 |
7.50 |
5.59 |
Amortization Expense |
0.79 |
0.87 |
0.23 |
Non-Cash Adjustments to Reconcile Net Income |
-0.59 |
-28 |
-51 |
Changes in Operating Assets and Liabilities, net |
-2.18 |
1.19 |
0.21 |
Net Cash From Investing Activities |
-60 |
158 |
269 |
Net Cash From Continuing Investing Activities |
-60 |
158 |
269 |
Purchase of Investment Securities |
-80 |
-40 |
-55 |
Sale and/or Maturity of Investments |
20 |
198 |
324 |
Net Cash From Financing Activities |
21 |
-174 |
-212 |
Net Cash From Continuing Financing Activities |
21 |
-174 |
-212 |
Issuance of Debt |
223 |
80 |
81 |
Issuance of Common Equity |
0.06 |
0.16 |
0.03 |
Repayment of Debt |
-298 |
-156 |
-240 |
Repurchase of Preferred Equity |
-10 |
-8.10 |
0.00 |
Repurchase of Common Equity |
0.00 |
-73 |
-28 |
Payment of Dividends |
-15 |
-15 |
-25 |
Other Financing Activities, Net |
121 |
-0.78 |
-1.17 |
Cash Interest Paid |
0.00 |
22 |
21 |
Quarterly Cash Flow Statements for Farmland Partners
This table details how cash moves in and out of Farmland Partners' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
-11 |
-1.22 |
4.58 |
-1.00 |
-5.17 |
-0.57 |
0.74 |
-0.48 |
2.34 |
70 |
Net Cash From Operating Activities |
|
0.32 |
8.30 |
16 |
-6.45 |
-3.66 |
7.16 |
12 |
-6.09 |
-4.28 |
15 |
Net Cash From Continuing Operating Activities |
|
0.32 |
8.30 |
16 |
-6.45 |
-3.66 |
7.16 |
12 |
-6.09 |
-4.28 |
15 |
Net Income / (Loss) Continuing Operations |
|
1.12 |
6.71 |
1.71 |
7.90 |
4.32 |
18 |
1.41 |
-2.05 |
1.84 |
60 |
Consolidated Net Income / (Loss) |
|
1.12 |
6.71 |
1.71 |
7.90 |
4.32 |
18 |
1.41 |
-2.05 |
1.84 |
60 |
Depreciation Expense |
|
1.67 |
1.88 |
1.79 |
2.21 |
1.90 |
1.59 |
1.48 |
1.43 |
1.41 |
1.26 |
Amortization Expense |
|
0.33 |
0.13 |
0.31 |
0.06 |
0.28 |
0.21 |
0.18 |
0.18 |
0.18 |
-0.31 |
Non-Cash Adjustments to Reconcile Net Income |
|
0.40 |
1.62 |
-1.39 |
-11 |
-5.98 |
-10 |
-0.71 |
0.55 |
-1.14 |
-50 |
Changes in Operating Assets and Liabilities, net |
|
-3.20 |
-2.14 |
13 |
-6.02 |
-4.18 |
-2.01 |
9.53 |
-6.20 |
-6.57 |
3.45 |
Net Cash From Investing Activities |
|
-9.22 |
-35 |
5.91 |
34 |
60 |
59 |
-14 |
-1.25 |
8.70 |
276 |
Net Cash From Continuing Investing Activities |
|
-9.22 |
-35 |
5.91 |
34 |
60 |
59 |
-14 |
-1.25 |
8.70 |
276 |
Purchase of Investment Securities |
|
-9.15 |
-36 |
-1.23 |
-10 |
-13 |
-15 |
-16 |
-1.67 |
-0.74 |
-36 |
Sale and/or Maturity of Investments |
|
- |
1.31 |
7.14 |
44 |
72 |
74 |
1.84 |
0.42 |
9.43 |
312 |
Net Cash From Financing Activities |
|
-1.92 |
25 |
-17 |
-29 |
-61 |
-67 |
3.34 |
6.86 |
-2.07 |
-220 |
Net Cash From Continuing Financing Activities |
|
-1.92 |
25 |
-17 |
-29 |
-61 |
-67 |
3.34 |
6.86 |
-2.07 |
-220 |
Repayment of Debt |
|
-18 |
-81 |
-9.99 |
-24 |
-60 |
-62 |
-10 |
-33 |
-7.50 |
-189 |
Repurchase of Common Equity |
|
- |
- |
-15 |
-47 |
-6.74 |
-4.18 |
0.00 |
- |
- |
-28 |
Payment of Dividends |
|
-3.17 |
-3.26 |
-6.47 |
-3.18 |
-2.94 |
-2.90 |
-16 |
-2.89 |
-2.89 |
-2.89 |
Other Financing Activities, Net |
|
23 |
0.03 |
-0.18 |
-0.07 |
-0.73 |
0.21 |
-0.61 |
-0.18 |
-0.18 |
-0.19 |
Cash Interest Paid |
|
3.17 |
-10 |
5.19 |
4.77 |
6.68 |
5.82 |
5.57 |
5.09 |
5.29 |
5.01 |
Annual Balance Sheets for Farmland Partners
This table presents Farmland Partners' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
2022 |
2023 |
2024 |
Total Assets |
1,160 |
1,022 |
869 |
Cash and Due from Banks |
7.65 |
5.49 |
78 |
Interest Bearing Deposits at Other Banks |
0.15 |
0.43 |
0.00 |
Trading Account Securities |
6.27 |
5.84 |
4.60 |
Loans and Leases, Net of Allowance |
0.00 |
0.00 |
0.00 |
Premises and Equipment, Net |
992 |
876 |
656 |
Goodwill |
2.71 |
2.71 |
2.71 |
Intangible Assets |
2.06 |
2.04 |
1.37 |
Other Assets |
149 |
129 |
125 |
Total Liabilities & Shareholders' Equity |
1,160 |
1,022 |
869 |
Total Liabilities |
456 |
391 |
272 |
Accrued Interest Payable |
4.14 |
4.75 |
3.06 |
Other Short-Term Payables |
13 |
21 |
63 |
Long-Term Debt |
437 |
361 |
204 |
Other Long-Term Liabilities |
2.38 |
4.45 |
1.91 |
Commitments & Contingencies |
0.00 |
0.00 |
0.00 |
Redeemable Noncontrolling Interest |
110 |
102 |
102 |
Total Equity & Noncontrolling Interests |
594 |
529 |
495 |
Total Preferred & Common Equity |
594 |
529 |
495 |
Total Common Equity |
594 |
529 |
495 |
Common Stock |
648 |
578 |
552 |
Retained Earnings |
-70 |
-65 |
-72 |
Accumulated Other Comprehensive Income / (Loss) |
3.31 |
2.69 |
1.51 |
Other Equity Adjustments |
13 |
13 |
13 |
Quarterly Balance Sheets for Farmland Partners
This table presents Farmland Partners' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
1,128 |
1,154 |
1,125 |
1,069 |
1,031 |
1,028 |
1,027 |
Cash and Due from Banks |
|
8.87 |
12 |
11 |
6.06 |
6.23 |
5.75 |
8.09 |
Interest Bearing Deposits at Other Banks |
|
0.27 |
0.14 |
0.13 |
0.03 |
0.00 |
0.00 |
0.00 |
Trading Account Securities |
|
6.16 |
5.77 |
6.47 |
6.25 |
5.66 |
5.83 |
4.89 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Premises and Equipment, Net |
|
980 |
986 |
966 |
923 |
895 |
894 |
893 |
Goodwill |
|
2.71 |
2.71 |
2.71 |
2.71 |
2.71 |
2.71 |
2.71 |
Intangible Assets |
|
2.06 |
2.05 |
2.05 |
2.04 |
2.03 |
2.03 |
2.02 |
Other Assets |
|
128 |
146 |
137 |
128 |
120 |
118 |
117 |
Total Liabilities & Shareholders' Equity |
|
1,128 |
1,154 |
1,125 |
1,069 |
1,031 |
1,028 |
1,027 |
Total Liabilities |
|
427 |
470 |
490 |
439 |
405 |
407 |
406 |
Accrued Interest Payable |
|
3.58 |
3.83 |
5.08 |
4.81 |
4.38 |
4.70 |
5.07 |
Other Short-Term Payables |
|
12 |
- |
9.89 |
10 |
6.62 |
7.40 |
6.46 |
Long-Term Debt |
|
408 |
441 |
471 |
420 |
381 |
391 |
392 |
Other Long-Term Liabilities |
|
3.34 |
25 |
3.16 |
3.16 |
13 |
3.38 |
2.71 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Redeemable Noncontrolling Interest |
|
109 |
108 |
100 |
101 |
100 |
100 |
101 |
Total Equity & Noncontrolling Interests |
|
591 |
577 |
535 |
529 |
527 |
521 |
519 |
Total Preferred & Common Equity |
|
591 |
577 |
535 |
529 |
527 |
521 |
519 |
Total Common Equity |
|
591 |
577 |
535 |
529 |
527 |
521 |
519 |
Common Stock |
|
648 |
634 |
587 |
581 |
578 |
579 |
580 |
Retained Earnings |
|
-73 |
-73 |
-69 |
-68 |
-67 |
-72 |
-74 |
Accumulated Other Comprehensive Income / (Loss) |
|
3.21 |
2.92 |
3.51 |
3.23 |
2.48 |
2.52 |
1.46 |
Other Equity Adjustments |
|
13 |
13 |
13 |
13 |
13 |
13 |
13 |
Annual Metrics And Ratios for Farmland Partners
This table displays calculated financial ratios and metrics derived from Farmland Partners' official financial filings.
Metric |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
-26.23% |
-22.76% |
222.83% |
EBITDA Growth |
-52.70% |
-77.63% |
2,182.34% |
EBIT Growth |
-66.25% |
-152.75% |
1,792.46% |
NOPAT Growth |
-66.88% |
-153.58% |
1,798.25% |
Net Income Growth |
16.58% |
164.89% |
93.96% |
EPS Growth |
194.12% |
231.25% |
100.00% |
Operating Cash Flow Growth |
117.04% |
-24.42% |
25.26% |
Free Cash Flow Firm Growth |
-1,307.38% |
607.75% |
86.69% |
Invested Capital Growth |
3.37% |
-13.09% |
-19.30% |
Revenue Q/Q Growth |
-41.95% |
25.73% |
105.93% |
EBITDA Q/Q Growth |
-66.72% |
378.24% |
214.75% |
EBIT Q/Q Growth |
-78.97% |
52.98% |
289.79% |
NOPAT Q/Q Growth |
-79.22% |
53.42% |
289.54% |
Net Income Q/Q Growth |
-35.58% |
53.52% |
224.33% |
EPS Q/Q Growth |
-38.46% |
65.63% |
265.52% |
Operating Cash Flow Q/Q Growth |
10.91% |
-8.13% |
85.90% |
Free Cash Flow Firm Q/Q Growth |
-446.11% |
200.03% |
366.71% |
Invested Capital Q/Q Growth |
2.91% |
-5.61% |
-20.99% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
36.79% |
10.66% |
75.33% |
EBIT Margin |
19.60% |
-13.38% |
70.15% |
Profit (Net Income) Margin |
26.54% |
91.01% |
54.68% |
Tax Burden Percent |
98.14% |
100.53% |
100.03% |
Interest Burden Percent |
138.00% |
-676.58% |
77.93% |
Effective Tax Rate |
1.86% |
-0.53% |
-0.03% |
Return on Invested Capital (ROIC) |
0.77% |
-0.44% |
8.80% |
ROIC Less NNEP Spread (ROIC-NNEP) |
1.47% |
8.67% |
2.64% |
Return on Net Nonoperating Assets (RNNOA) |
1.07% |
5.18% |
1.21% |
Return on Equity (ROE) |
1.84% |
4.75% |
10.01% |
Cash Return on Invested Capital (CROIC) |
-2.54% |
13.58% |
30.17% |
Operating Return on Assets (OROA) |
0.77% |
-0.43% |
8.34% |
Return on Assets (ROA) |
1.05% |
2.90% |
6.50% |
Return on Common Equity (ROCE) |
1.52% |
3.99% |
8.35% |
Return on Equity Simple (ROE_SIMPLE) |
2.01% |
5.99% |
12.42% |
Net Operating Profit after Tax (NOPAT) |
8.67 |
-4.64 |
79 |
NOPAT Margin |
19.23% |
-13.34% |
70.17% |
Net Nonoperating Expense Percent (NNEP) |
-0.69% |
-9.11% |
6.17% |
SG&A Expenses to Revenue |
18.17% |
24.88% |
6.56% |
Operating Expenses to Revenue |
80.40% |
113.38% |
29.85% |
Earnings before Interest and Taxes (EBIT) |
8.83 |
-4.66 |
79 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
17 |
3.71 |
85 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
1.09 |
1.01 |
1.14 |
Price to Tangible Book Value (P/TBV) |
1.10 |
1.02 |
1.15 |
Price to Revenue (P/Rev) |
14.38 |
15.33 |
5.02 |
Price to Earnings (P/E) |
77.14 |
19.20 |
9.99 |
Dividend Yield |
1.94% |
4.06% |
11.37% |
Earnings Yield |
1.30% |
5.21% |
10.01% |
Enterprise Value to Invested Capital (EV/IC) |
1.04 |
1.00 |
0.99 |
Enterprise Value to Revenue (EV/Rev) |
26.35 |
28.46 |
7.04 |
Enterprise Value to EBITDA (EV/EBITDA) |
71.61 |
267.05 |
9.34 |
Enterprise Value to EBIT (EV/EBIT) |
134.45 |
0.00 |
10.03 |
Enterprise Value to NOPAT (EV/NOPAT) |
137.01 |
0.00 |
10.03 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
69.64 |
76.86 |
48.99 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
0.00 |
6.84 |
2.93 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.62 |
0.57 |
0.34 |
Long-Term Debt to Equity |
0.62 |
0.57 |
0.34 |
Financial Leverage |
0.73 |
0.60 |
0.46 |
Leverage Ratio |
1.76 |
1.63 |
1.54 |
Compound Leverage Factor |
2.43 |
-11.06 |
1.20 |
Debt to Total Capital |
38.29% |
36.39% |
25.45% |
Short-Term Debt to Total Capital |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
38.29% |
36.39% |
25.45% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
9.66% |
10.28% |
12.74% |
Common Equity to Total Capital |
52.06% |
53.33% |
61.80% |
Debt to EBITDA |
26.35 |
97.29 |
2.41 |
Net Debt to EBITDA |
25.88 |
95.70 |
1.48 |
Long-Term Debt to EBITDA |
26.35 |
97.29 |
2.41 |
Debt to NOPAT |
50.41 |
-77.72 |
2.58 |
Net Debt to NOPAT |
49.51 |
-76.44 |
1.59 |
Long-Term Debt to NOPAT |
50.41 |
-77.72 |
2.58 |
Noncontrolling Interest Sharing Ratio |
17.79% |
15.89% |
16.62% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
-29 |
145 |
270 |
Operating Cash Flow to CapEx |
22,734.67% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
-1.77 |
6.39 |
0.00 |
Operating Cash Flow to Interest Expense |
1.06 |
0.57 |
0.00 |
Operating Cash Flow Less CapEx to Interest Expense |
1.05 |
0.57 |
0.00 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.04 |
0.03 |
0.12 |
Fixed Asset Turnover |
0.05 |
0.04 |
0.15 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
1,141 |
992 |
800 |
Invested Capital Turnover |
0.04 |
0.03 |
0.13 |
Increase / (Decrease) in Invested Capital |
37 |
-149 |
-191 |
Enterprise Value (EV) |
1,187 |
991 |
791 |
Market Capitalization |
648 |
534 |
564 |
Book Value per Share |
$10.88 |
$10.98 |
$10.27 |
Tangible Book Value per Share |
$10.80 |
$10.88 |
$10.18 |
Total Capital |
1,141 |
992 |
800 |
Total Debt |
437 |
361 |
204 |
Total Long-Term Debt |
437 |
361 |
204 |
Net Debt |
429 |
355 |
125 |
Capital Expenditures (CapEx) |
0.08 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
-3.29 |
-36 |
17 |
Net Nonoperating Obligations (NNO) |
437 |
361 |
204 |
Total Depreciation and Amortization (D&A) |
7.75 |
8.37 |
5.82 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
$0.16 |
$0.55 |
$1.19 |
Adjusted Weighted Average Basic Shares Outstanding |
50.95M |
50.24M |
47.55M |
Adjusted Diluted Earnings per Share |
$0.16 |
$0.53 |
$1.06 |
Adjusted Weighted Average Diluted Shares Outstanding |
50.95M |
58.29M |
55.99M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
54.34M |
48.03M |
45.89M |
Normalized Net Operating Profit after Tax (NOPAT) |
8.78 |
0.87 |
56 |
Normalized NOPAT Margin |
19.47% |
2.49% |
49.62% |
Pre Tax Income Margin |
27.04% |
90.54% |
54.67% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
0.55 |
-0.21 |
0.00 |
NOPAT to Interest Expense |
0.54 |
-0.20 |
0.00 |
EBIT Less CapEx to Interest Expense |
0.54 |
-0.21 |
0.00 |
NOPAT Less CapEx to Interest Expense |
0.53 |
-0.20 |
0.00 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
122.37% |
48.87% |
40.03% |
Augmented Payout Ratio |
122.37% |
278.05% |
84.84% |
Quarterly Metrics And Ratios for Farmland Partners
This table displays calculated financial ratios and metrics derived from Farmland Partners' official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
114.94% |
-78.70% |
-46.75% |
-33.36% |
-58.85% |
80.84% |
53.64% |
99.22% |
183.96% |
362.77% |
EBITDA Growth |
|
2,303.30% |
-95.69% |
-71.55% |
-162.91% |
-160.35% |
337.03% |
232.61% |
689.65% |
318.27% |
883.40% |
EBIT Growth |
|
281.28% |
-101.58% |
-101.75% |
-971.88% |
-232.88% |
1,015.09% |
5,917.24% |
204.63% |
215.90% |
1,238.85% |
NOPAT Growth |
|
351.55% |
-101.56% |
-101.52% |
-1,032.56% |
-242.19% |
1,039.99% |
6,705.05% |
171.54% |
210.84% |
1,223.41% |
Net Income Growth |
|
141.93% |
-49.62% |
50.48% |
163.92% |
285.61% |
164.61% |
-17.85% |
-125.98% |
-57.40% |
239.41% |
EPS Growth |
|
105.88% |
-47.62% |
0.00% |
200.00% |
600.00% |
190.91% |
-50.00% |
-150.00% |
-71.43% |
240.63% |
Operating Cash Flow Growth |
|
104.56% |
25.34% |
53.64% |
-244.47% |
-1,251.57% |
-13.74% |
-24.89% |
5.52% |
-16.88% |
104.25% |
Free Cash Flow Firm Growth |
|
-133.73% |
-945.25% |
0.67% |
90.89% |
278.91% |
509.16% |
447.14% |
4,180.47% |
-13.39% |
65.24% |
Invested Capital Growth |
|
3.11% |
3.37% |
3.26% |
-0.07% |
-5.25% |
-13.09% |
-10.54% |
-8.47% |
-3.59% |
-19.30% |
Revenue Q/Q Growth |
|
51.99% |
-32.70% |
-12.06% |
-25.92% |
-6.15% |
195.79% |
-25.29% |
-3.94% |
33.77% |
382.04% |
EBITDA Q/Q Growth |
|
411.57% |
-77.59% |
35.09% |
-140.62% |
-390.74% |
262.27% |
2.81% |
-27.98% |
81.66% |
631.12% |
EBIT Q/Q Growth |
|
1,723.96% |
-111.05% |
83.17% |
-3,448.28% |
-101.33% |
176.12% |
6.98% |
-36.18% |
123.00% |
779.37% |
NOPAT Q/Q Growth |
|
1,728.04% |
-111.22% |
85.16% |
-4,080.26% |
-104.40% |
174.15% |
4.26% |
-54.72% |
216.68% |
785.29% |
Net Income Q/Q Growth |
|
-62.61% |
499.55% |
-74.45% |
360.85% |
-45.37% |
311.43% |
-92.07% |
-245.74% |
189.57% |
3,178.35% |
EPS Q/Q Growth |
|
-75.00% |
1,000.00% |
-81.82% |
500.00% |
-41.67% |
357.14% |
-96.88% |
-700.00% |
133.33% |
5,350.00% |
Operating Cash Flow Q/Q Growth |
|
117.00% |
2,508.49% |
90.95% |
-140.69% |
43.18% |
295.39% |
66.28% |
-151.18% |
29.71% |
441.45% |
Free Cash Flow Firm Q/Q Growth |
|
-12.06% |
-30.27% |
5.50% |
93.40% |
2,300.35% |
197.93% |
-19.82% |
-22.36% |
-53.30% |
468.42% |
Invested Capital Q/Q Growth |
|
0.11% |
2.91% |
-1.33% |
-1.71% |
-5.08% |
-5.61% |
1.58% |
0.57% |
-0.01% |
-20.99% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
50.99% |
16.98% |
26.08% |
-14.30% |
-74.79% |
41.03% |
56.47% |
42.33% |
57.49% |
87.19% |
EBIT Margin |
|
35.72% |
-5.87% |
-1.12% |
-53.78% |
-115.37% |
29.69% |
42.52% |
28.25% |
47.09% |
85.90% |
Profit (Net Income) Margin |
|
8.55% |
76.14% |
22.12% |
137.61% |
80.10% |
111.42% |
11.83% |
-17.94% |
12.02% |
81.72% |
Tax Burden Percent |
|
97.14% |
98.56% |
99.48% |
99.95% |
104.63% |
99.93% |
98.67% |
99.95% |
99.41% |
100.07% |
Interest Burden Percent |
|
24.63% |
-1,316.63% |
-1,980.46% |
-256.01% |
-66.36% |
375.50% |
28.20% |
-63.56% |
25.67% |
95.06% |
Effective Tax Rate |
|
2.86% |
1.44% |
0.52% |
0.05% |
-4.63% |
0.07% |
1.33% |
0.00% |
0.59% |
-0.07% |
Return on Invested Capital (ROIC) |
|
2.47% |
-0.23% |
-0.03% |
-1.76% |
-3.08% |
0.98% |
1.53% |
0.83% |
2.48% |
10.78% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
1.71% |
1.29% |
0.36% |
0.71% |
-0.48% |
4.23% |
0.66% |
-0.17% |
1.17% |
9.67% |
Return on Net Nonoperating Assets (RNNOA) |
|
1.22% |
0.94% |
0.25% |
0.48% |
-0.30% |
2.53% |
0.41% |
-0.11% |
0.76% |
4.45% |
Return on Equity (ROE) |
|
3.69% |
0.71% |
0.22% |
-1.28% |
-3.37% |
3.51% |
1.95% |
0.72% |
3.23% |
15.23% |
Cash Return on Invested Capital (CROIC) |
|
0.75% |
-2.54% |
-2.87% |
0.16% |
4.47% |
13.58% |
11.17% |
9.50% |
5.61% |
30.17% |
Operating Return on Assets (OROA) |
|
2.49% |
-0.23% |
-0.04% |
-1.69% |
-2.91% |
0.95% |
1.52% |
1.17% |
2.45% |
10.21% |
Return on Assets (ROA) |
|
0.60% |
3.01% |
0.75% |
4.33% |
2.02% |
3.55% |
0.42% |
-0.74% |
0.63% |
9.71% |
Return on Common Equity (ROCE) |
|
2.59% |
0.58% |
0.18% |
-1.07% |
-2.84% |
2.95% |
1.64% |
0.60% |
2.71% |
12.70% |
Return on Equity Simple (ROE_SIMPLE) |
|
3.14% |
0.00% |
2.17% |
3.26% |
3.90% |
0.00% |
5.96% |
4.11% |
3.65% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
4.54 |
-0.51 |
-0.08 |
-3.16 |
-6.46 |
4.79 |
4.99 |
2.26 |
7.16 |
63 |
NOPAT Margin |
|
34.70% |
-5.78% |
-0.98% |
-55.06% |
-119.92% |
30.06% |
41.95% |
19.77% |
46.81% |
85.96% |
Net Nonoperating Expense Percent (NNEP) |
|
0.75% |
-1.52% |
-0.40% |
-2.47% |
-2.60% |
-3.25% |
0.87% |
1.00% |
1.31% |
1.11% |
SG&A Expenses to Revenue |
|
16.15% |
23.40% |
28.16% |
42.30% |
38.96% |
12.24% |
15.10% |
16.35% |
12.79% |
2.37% |
Operating Expenses to Revenue |
|
64.28% |
105.87% |
101.12% |
153.78% |
215.37% |
70.31% |
57.48% |
71.75% |
52.91% |
14.10% |
Earnings before Interest and Taxes (EBIT) |
|
4.68 |
-0.52 |
-0.09 |
-3.09 |
-6.22 |
4.73 |
5.06 |
3.23 |
7.20 |
63 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
6.68 |
1.50 |
2.02 |
-0.82 |
-4.03 |
6.54 |
6.72 |
4.84 |
8.79 |
64 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.08 |
1.09 |
0.97 |
1.14 |
0.91 |
1.01 |
1.01 |
1.06 |
0.96 |
1.14 |
Price to Tangible Book Value (P/TBV) |
|
1.09 |
1.10 |
0.97 |
1.15 |
0.92 |
1.02 |
1.02 |
1.07 |
0.97 |
1.15 |
Price to Revenue (P/Rev) |
|
8.21 |
14.38 |
14.56 |
17.25 |
17.43 |
15.33 |
13.61 |
12.37 |
9.17 |
5.02 |
Price to Earnings (P/E) |
|
71.34 |
77.14 |
61.61 |
43.65 |
28.26 |
19.20 |
19.26 |
31.09 |
32.61 |
9.99 |
Dividend Yield |
|
1.83% |
1.94% |
2.34% |
2.04% |
2.43% |
4.06% |
4.08% |
3.92% |
4.33% |
11.37% |
Earnings Yield |
|
1.40% |
1.30% |
1.62% |
2.29% |
3.54% |
5.21% |
5.19% |
3.22% |
3.07% |
10.01% |
Enterprise Value to Invested Capital (EV/IC) |
|
1.03 |
1.04 |
0.97 |
1.06 |
0.95 |
1.00 |
1.00 |
1.02 |
0.97 |
0.99 |
Enterprise Value to Revenue (EV/Rev) |
|
14.76 |
26.35 |
28.58 |
33.08 |
36.06 |
28.46 |
25.79 |
23.25 |
18.07 |
7.04 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
23.00 |
71.61 |
95.13 |
124.90 |
0.00 |
267.05 |
119.47 |
73.77 |
36.65 |
9.34 |
Enterprise Value to EBIT (EV/EBIT) |
|
27.28 |
134.45 |
288.97 |
1,187.23 |
0.00 |
0.00 |
2,050.50 |
152.51 |
48.74 |
10.03 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
27.47 |
137.01 |
293.56 |
1,280.12 |
0.00 |
0.00 |
1,930.02 |
149.11 |
48.70 |
10.03 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
74.54 |
69.64 |
48.44 |
65.01 |
71.17 |
76.86 |
112.32 |
111.62 |
113.54 |
48.99 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
139.10 |
0.00 |
0.00 |
679.62 |
20.69 |
6.84 |
8.43 |
10.31 |
17.02 |
2.93 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.58 |
0.62 |
0.64 |
0.74 |
0.67 |
0.57 |
0.61 |
0.63 |
0.63 |
0.34 |
Long-Term Debt to Equity |
|
0.58 |
0.62 |
0.64 |
0.74 |
0.67 |
0.57 |
0.61 |
0.63 |
0.63 |
0.34 |
Financial Leverage |
|
0.71 |
0.73 |
0.69 |
0.68 |
0.62 |
0.60 |
0.63 |
0.69 |
0.65 |
0.46 |
Leverage Ratio |
|
1.74 |
1.76 |
1.73 |
1.71 |
1.65 |
1.63 |
1.67 |
1.71 |
1.68 |
1.54 |
Compound Leverage Factor |
|
0.43 |
-23.17 |
-34.25 |
-4.37 |
-1.10 |
6.14 |
0.47 |
-1.09 |
0.43 |
1.46 |
Debt to Total Capital |
|
36.83% |
38.29% |
39.17% |
42.56% |
40.02% |
36.39% |
37.81% |
38.60% |
38.73% |
25.45% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
36.83% |
38.29% |
39.17% |
42.56% |
40.02% |
36.39% |
37.81% |
38.60% |
38.73% |
25.45% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
9.87% |
9.66% |
9.57% |
9.08% |
9.64% |
10.28% |
9.90% |
9.92% |
9.99% |
12.74% |
Common Equity to Total Capital |
|
53.30% |
52.06% |
51.25% |
48.36% |
50.34% |
53.33% |
52.29% |
51.48% |
51.28% |
61.80% |
Debt to EBITDA |
|
8.20 |
26.35 |
38.36 |
50.26 |
-315.43 |
97.29 |
45.29 |
27.79 |
14.58 |
2.41 |
Net Debt to EBITDA |
|
8.01 |
25.88 |
37.28 |
49.05 |
-310.86 |
95.70 |
44.55 |
27.38 |
14.28 |
1.48 |
Long-Term Debt to EBITDA |
|
8.20 |
26.35 |
38.36 |
50.26 |
-315.43 |
97.29 |
45.29 |
27.79 |
14.58 |
2.41 |
Debt to NOPAT |
|
9.79 |
50.41 |
118.37 |
515.11 |
-42.18 |
-77.72 |
731.65 |
56.17 |
19.38 |
2.58 |
Net Debt to NOPAT |
|
9.57 |
49.51 |
115.06 |
502.69 |
-41.57 |
-76.44 |
719.69 |
55.34 |
18.98 |
1.59 |
Long-Term Debt to NOPAT |
|
9.79 |
50.41 |
118.37 |
515.11 |
-42.18 |
-77.72 |
731.65 |
56.17 |
19.38 |
2.58 |
Noncontrolling Interest Sharing Ratio |
|
29.84% |
17.79% |
17.20% |
16.24% |
15.83% |
15.89% |
15.83% |
15.98% |
16.19% |
16.62% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
-29 |
-38 |
-36 |
-2.35 |
52 |
154 |
124 |
96 |
45 |
255 |
Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Free Cash Flow to Firm to Interest Expense |
|
0.00 |
-3.04 |
-7.23 |
-0.40 |
8.31 |
27.25 |
0.00 |
0.00 |
0.00 |
0.00 |
Operating Cash Flow to Interest Expense |
|
0.00 |
0.67 |
3.22 |
-1.10 |
-0.59 |
1.26 |
0.00 |
0.00 |
0.00 |
0.00 |
Operating Cash Flow Less CapEx to Interest Expense |
|
0.00 |
0.67 |
3.22 |
-1.10 |
-0.59 |
1.26 |
0.00 |
0.00 |
0.00 |
0.00 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.07 |
0.04 |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
0.04 |
0.05 |
0.12 |
Fixed Asset Turnover |
|
0.08 |
0.05 |
0.04 |
0.04 |
0.03 |
0.04 |
0.04 |
0.05 |
0.06 |
0.15 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
1,109 |
1,141 |
1,126 |
1,107 |
1,051 |
992 |
1,007 |
1,013 |
1,013 |
800 |
Invested Capital Turnover |
|
0.07 |
0.04 |
0.03 |
0.03 |
0.03 |
0.03 |
0.04 |
0.04 |
0.05 |
0.13 |
Increase / (Decrease) in Invested Capital |
|
33 |
37 |
36 |
-0.81 |
-58 |
-149 |
-119 |
-94 |
-38 |
-191 |
Enterprise Value (EV) |
|
1,146 |
1,187 |
1,094 |
1,171 |
998 |
991 |
1,005 |
1,038 |
986 |
791 |
Market Capitalization |
|
637 |
648 |
557 |
610 |
483 |
534 |
530 |
552 |
500 |
564 |
Book Value per Share |
|
$11.14 |
$10.88 |
$10.62 |
$10.31 |
$10.83 |
$10.98 |
$10.97 |
$10.83 |
$10.78 |
$10.27 |
Tangible Book Value per Share |
|
$11.05 |
$10.80 |
$10.53 |
$10.22 |
$10.73 |
$10.88 |
$10.87 |
$10.73 |
$10.69 |
$10.18 |
Total Capital |
|
1,109 |
1,141 |
1,126 |
1,107 |
1,051 |
992 |
1,007 |
1,013 |
1,013 |
800 |
Total Debt |
|
408 |
437 |
441 |
471 |
420 |
361 |
381 |
391 |
392 |
204 |
Total Long-Term Debt |
|
408 |
437 |
441 |
471 |
420 |
361 |
381 |
391 |
392 |
204 |
Net Debt |
|
399 |
429 |
429 |
460 |
414 |
355 |
375 |
385 |
384 |
125 |
Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Expense (NNE) |
|
3.42 |
-7.22 |
-1.79 |
-11 |
-11 |
-13 |
3.59 |
4.31 |
5.32 |
3.13 |
Net Nonoperating Obligations (NNO) |
|
408 |
437 |
441 |
471 |
420 |
361 |
381 |
391 |
392 |
204 |
Total Depreciation and Amortization (D&A) |
|
2.00 |
2.01 |
2.11 |
2.27 |
2.19 |
1.81 |
1.66 |
1.61 |
1.59 |
0.95 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.01 |
$0.11 |
$0.02 |
$0.14 |
$0.07 |
$0.32 |
$0.01 |
($0.06) |
$0.02 |
$1.22 |
Adjusted Weighted Average Basic Shares Outstanding |
|
53.50M |
50.95M |
54.01M |
50.86M |
48.43M |
50.24M |
47.70M |
47.80M |
47.84M |
47.55M |
Adjusted Diluted Earnings per Share |
|
$0.01 |
$0.11 |
$0.02 |
$0.12 |
$0.07 |
$0.32 |
$0.01 |
($0.06) |
$0.02 |
$1.09 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
53.50M |
50.95M |
54.01M |
59.11M |
48.43M |
58.29M |
47.70M |
47.80M |
47.84M |
55.99M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
54.58M |
54.34M |
51.91M |
48.84M |
48.19M |
48.03M |
48.15M |
48.17M |
48.17M |
45.89M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
4.57 |
-0.49 |
-0.06 |
-3.16 |
-1.63 |
4.79 |
5.02 |
2.26 |
7.16 |
44 |
Normalized NOPAT Margin |
|
34.88% |
-5.51% |
-0.80% |
-55.06% |
-30.29% |
30.06% |
42.17% |
19.77% |
46.81% |
60.13% |
Pre Tax Income Margin |
|
8.80% |
77.26% |
22.24% |
137.68% |
76.55% |
111.49% |
11.99% |
-17.95% |
12.09% |
81.66% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
0.00 |
-0.04 |
-0.02 |
-0.53 |
-1.00 |
0.84 |
0.00 |
0.00 |
0.00 |
0.00 |
NOPAT to Interest Expense |
|
0.00 |
-0.04 |
-0.02 |
-0.54 |
-1.04 |
0.85 |
0.00 |
0.00 |
0.00 |
0.00 |
EBIT Less CapEx to Interest Expense |
|
0.00 |
-0.04 |
-0.02 |
-0.53 |
-1.00 |
0.84 |
0.00 |
0.00 |
0.00 |
0.00 |
NOPAT Less CapEx to Interest Expense |
|
0.00 |
-0.04 |
-0.02 |
-0.54 |
-1.04 |
0.85 |
0.00 |
0.00 |
0.00 |
0.00 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
70.15% |
122.37% |
122.23% |
92.14% |
76.77% |
48.87% |
79.51% |
115.09% |
129.89% |
40.03% |
Augmented Payout Ratio |
|
70.15% |
122.37% |
238.63% |
445.84% |
408.35% |
278.05% |
263.03% |
164.03% |
149.65% |
84.84% |
Key Financial Trends
Farmland Partners (NYSE: FPI) has shown a robust financial performance trend in 2024, highlighted by significant improvements in earnings and cash flow compared to 2023. Here is a summary of key financial trends and insights based on the latest quarterly data over the past four years:
- In Q4 2024, Farmland Partners reported consolidated net income of $60.3 million, a substantial increase from the Q4 2023 net income of $17.8 million, reflecting strong profitability growth.
- Net realized and unrealized capital gains jumped to $52.3 million in Q4 2024 from $1.98 million in Q3 2024 and a negative figure in earlier quarters, indicating improved investment returns.
- Operating cash flow improved dramatically in Q4 2024 with net cash from continuing operating activities of $14.6 million versus a negative $4.3 million in Q3 2024, showing enhanced operational efficiency.
- Net cash from investing activities surged to $275.8 million in Q4 2024 driven by the sale/maturity of investments, signaling effective asset management and liquidity improvement.
- The company reduced debt significantly in Q4 2024, repaying $189.5 million compared to smaller repayments in previous quarters, which should lower interest expenses going forward.
- Basic earnings per share increased to $1.22 in Q4 2024 compared to just $0.02 in Q3 2024, highlighting improved shareholder returns and profitability on a per-share basis.
- The weighted average shares outstanding remained relatively stable, suggesting no significant dilution from equity issuances in recent quarters.
- Cash dividends per common share stayed steady at $0.06 per quarter through most of 2023 and early 2024, then increased to $1.21 in Q4 2024, implying a much higher payout ratio or a special dividend that could impact cash reserves.
- Interest expense remains a recurring cost, with $5.66 million recorded in Q4 2023 and similar levels earlier; however, it appears absent in 2024 reporting, possibly due to refinancing or accounting changes, which warrants investor attention.
- Total liabilities remain significant, hovering around $400 million in recent quarters, including long-term debt exceeding $380 million, which may pose financial risk if not managed prudently.
Summary: Farmland Partners has exhibited a marked turnaround in 2024 with strong net income growth, improved cash flows, and strategic debt repayment. The sharp rise in capital gains and operating cash flow in the latest quarter supports an optimistic outlook. However, investors should watch for sustainability of dividend payments and ongoing management of liabilities.
08/09/25 12:18 AMAI Generated. May Contain Errors.