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Mobile Infrastructure Corporation BEEP reported a loss per share of 6 cents in the second quarter of 2024, narrower than the year-ago loss of 19 cents per share.
Revenues in Detail
Mobile Infrastructure registered revenues of $9.3 million in the second quarter, up 28.4% year over year.
The increase in total revenues was due primarily to 27 of the company’s 42 assets converting to management contracts in the first half of 2024. The change to management contracts resulted in Mobile Infrastructure recognizing revenues from all parking transactions at those locations.
Segment Details
Mobile Infrastructure derives revenues from three segments — Managed property revenues, Base rent income and Percentage rental income.
For the quarter under review, Managed property revenues were $7.2 million. The segment derived revenues from Transient Parkers ($4.7 million), Contract Parkers ($2.5 million) and Ancillary Revenue ($0.1 million).
Revenues from Base rent income during the second quarter were $17.6 million (down 21.9% year over year), while revenues from Percentage rental income were $0.5 million (down 90.2% year over year).
Mobile Infrastructure Corporation Price, Consensus and EPS Surprise
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Mobile Infrastructure Operating Expenses Analysis
Property operating expenses surged 242.2% year over year to $1.8 million, while general and administrative expenses rose 19% year over year to $2.9 million. Total operating expenses of $8.9 million increased 22.6% year over year.
Profitability
Operating profit totaled $0.4 million against the prior-year quarter’s operating loss of $0.1 million.
In the second quarter, Mobile Infrastructure’s net loss was $2.5 million compared with $3.7 million reported in the year-ago quarter.
Net Operating Income (NOI) was $5.6 million for the second quarter of 2024, representing a year-over-year increase of 14.1%.
Adjusted EBITDA during the reported quarter was $4.2 million, up 16.3% from the year-ago quarter.
Liquidity & Debt Management
Mobile Infrastructure exited second-quarter 2024 with cash of $8.7 million compared with $9.1 million at the first-quarter end.
Total debt outstanding, including outstanding borrowings on the credit facility and notes payable, was $191.5 million compared with $192.1 million at the first-quarter end.
Cumulative net cash used in operating activities at the end of second-quarter 2024 was $1 million compared with $2.2 million a year ago.
Guidance
Mobile Infrastructure has reiterated its full-year guidance.