GreenTree Hospitality Group Ltd.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations ($461.7m) $260.5m $107.3m $163.4m
Net Income (Loss) Attributable to Parent $265.8m $285.4m $57.3m $63.6m $40.1m $18.4m ($55.4m) $37.9m $15.1m $23.9m
Net Income (Loss) Available to Common Stockholders, Basic $265.8m $285.1m $393.6m $437.8m $244.7m $18.4m ($55.4m) $37.9m $15.1m $23.9m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $285.1m $57.2m $62.9m $37.5m $17.8m ($60.2m) $36.7m $14.7m $23.4m
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $286.0m $58.5m $62.7m $37.4m $17.8m ($59.9m) $36.9m $14.9m $22.8m
Net Income (Loss) Attributable to Noncontrolling Interest ($349k) ($71k) ($710k) ($2.6m) ($590k) ($4.8m) ($1.2m) ($368k) ($491k)
Depreciation, Depletion and Amortization $35.4m $25.0m $3.7m $5.8m $10.1m $15.4m $15.9m $16.5m $14.0m $11.4m
Depreciation, Depletion and Amortization $35.4m $25.0m $3.7m $5.8m $10.1m $15.4m $15.9m $16.5m $14.0m $11.4m
Amortization of Intangible Assets $880k $237k $435k $943k $1.3m $764k $942k $653k $278k
Depreciation $35.4m $24.1m $3.5m $5.4m $9.2m $14.1m $15.2m $15.5m $15.2m $12.4m
Depreciation Amortization Depletion $125.3m $116.9m $115.7m $88.9m
Deferred Income Tax Expense (Benefit) ($6.8m) $907k ($1.1m) ($1.9m) $555k ($18.2m) ($341k) ($2.6m) ($2.2m)
Deferred taxes ($12.3m) ($6.8m) ($17.1m) ($30.2m) ($12.6m) $44.3m ($121.9m) ($2.4m) ($18.8m) ($15.1m)
Deferred Income Tax $0 ($2.4m) ($18.8m) ($15.1m)
Deferred Tax $0 ($2.4m) ($18.8m) ($15.1m)
Share-based Payment Arrangement, Noncash Expense $38.0m $2.3m $3.8m $36k $387k ($9k) $9k
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount $0
Goodwill, Impairment Loss $0 $0 $0 $0 $0 $13.2m $0 $11.1m $9.5m
Impairment of Intangible Assets (Excluding Goodwill) $0 $0 $0 $0 $0 $2.3m $5.4m $2.5m
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $1.7m $2.3m $5.4m $2.5m
Impairment of goodwill $0 $91.2m $0 $81.0m $66.5m
Impairment of indefinite-lived intangible assets $14.0m $12.0m $16.0m $39.1m $17.3m
Impairment of long-lived assets $0 $0 $5.0m $0 $6.2m $48.3m $40.6m $12.6m $20.9m
Asset Impairment Charge $606.6m $95.4m $188.9m $186.4m
Income (Loss) from Equity Method Investments ($900k) ($1.2m) $20k $139k $60k ($232k) ($196k) ($2.0m) $715k
Equity Method Investment, Realized Gain (Loss) on Disposal ($1.6m)
Gain (Loss) on Disposition of Business $273k ($19k) ($2.3m) ($172k)
Gain (Loss) on Disposition of Other Assets $23.5m
Gain (Loss) on Disposition of Property Plant Equipment $2.8m ($3.9m) $39k ($124k) $80k ($95k) ($189k) ($305k) $3.5m ($5.1m)
Income Tax Expense (Benefit) $186.7m $23.3m $27.2m $16.9m $17.1m ($6.6m) $16.7m $12.2m $6.6m
Operating Lease, Expense $60.3m $11.1m $11.4m $18.1m $37.0m $32.6m
Operating lease liabilities ($107.0m) ($256.0m) ($247.7m) ($234.7m)
Earnings (Loss)es From Equity Investments ($383k) $1.6m $1.4m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable $17.9m $1.8m $7.5m $4.4m $3.5m $8.2m $755k $550k ($496k)
Increase (Decrease) in Inventories $511k ($90k) ($50k) $196k ($235k) $115k ($671k) ($2.0m) ($280k)
Increase (Decrease) in Accounts Payable ($408k) $172k $692k $697k $709k $83k ($7.1m) ($414k) ($2.7m)
Increase (Decrease) in Other Operating Assets ($1.7m) $286k
Accounts Receivable, Credit Loss Expense (Reversal) $484k $288k $5.5m $4.6m $20.8m $62.1m $5.5m $7.7m $11.7m
Debt Securities, Trading, Gain (Loss) $1.4m ($9.0m) ($986k)
Equity Securities, FV-NI, Gain (Loss) ($178k)
Equity Securities, FV-NI, Realized Gain (Loss) $727k $246k
Equity Securities, FV-NI, Unrealized Gain (Loss) $4.3m
Foreign Currency Transaction Gain (Loss), before Tax ($2.8m) ($63k) $202k ($724k) $206k $2.6m $52k $3.8m ($4.4m)
Gain (Loss) on Investments $59.2m ($8.4m) $7.9m
Gain (Loss) on Termination of Lease $7.6m
General and Administrative Expense $121.7m $13.9m $26.6m $26.4m $55.9m $30.6m $29.4m $25.0m $18.7m
Goodwill $430k $842k $14.4m $15.4m $19.0m $4.3m $24.9m $13.2m $3.7m
Investment Income, Interest $14.7m $3.0m $5.1m $1.8m $576k $122k $5.8m
Nonoperating Income (Expense) $2.3m $16.2m
Operating Costs and Expenses $406.0m $62.9m $87.9m $98.4m $169.4m $202.9m $185.7m $170.1m $159.9m
Provision for Loan, Lease, and Other Losses $15.7m $23.4m $2.2m $3.5m $6.0m
Unrealized Gain (Loss) on Investments $715k
Noncash lease expense $176.4m $271.2m $263.9m $246.1m
Losses (gains) from disposal of subsidiaries ($1.8m) $118k $16.1m $1.2m ($488k) $5.4m
Allowances for credit losses $1.9m $484k $2.0m $38.4m $30.0m $132.6m $428.3m $38.9m $56.2m $81.7m
Losses (gains) on equity securities held $62.2m $7.0m $15.0m ($5.0m)
Foreign exchange (gains) losses, net ($4.5m) $2.8m $430k ($1.4m) $4.7m ($1.3m) ($17.7m) ($372k) ($27.5m) $30.8m
Other non-cash (income) expenses $124k ($4.6m) $2.6m ($4.2m)
Accounts receivable ($1.4m) ($17.9m) ($12.4m) ($52.3m) ($28.8m) ($22.3m) ($56.7m) ($5.4m) ($4.0m) $3.5m
Inventories $53k ($511k) $621k $352k ($1.3m) $1.5m ($793k) $4.8m $14.6m $2.0m
Amounts due from related parties $16.8m $13.8m $1.7m ($3.2m) $10.3m ($4.0m) ($4.5m) $8.4m ($1.4m) $1.0m
Other current assets ($10.0m) ($5.9m) ($13.9m) $11.0m ($18.8m) ($60.3m) $46.2m ($47.9m) ($3.1m) $1.9m
Other assets $849k $1.7m ($2.0m) ($22.6m) ($19.7m) ($49.2m) ($2.3m) $17.3m $3.7m $8.5m
Accounts payable $134k ($408k) $1.2m $4.8m $4.5m $4.5m $574k ($50.5m) ($3.0m) ($19.0m)
Amounts due to related parties $183k $290k ($187k) $3.2m ($320k) $6.3m $4.3m ($5.4m) $1.2m $56k
Salary and welfare payable $5.9m $7.5m ($2.2m) ($2.0m) $8.9m $8.6m $10.1m ($3.0m) ($7.9m) ($4.5m)
Deferred revenue $50.3m $52.0m $45.6m $19.0m ($59.5m) ($53.6m) ($75.9m) ($33.5m) ($42.8m) ($47.8m)
Advance from customers $17.3m ($2.1m) $2.7m $3.7m ($5.8m) $5.5m ($16.3m) ($3.2m) $3.3m ($3.7m)
Accrued expenses and other current liabilities $105.4m $44.3m ($4.5m) $27.2m $13.2m $71.5m $88.8m $26.2m $3.2m $60.9m
Income tax payable $6.1m $20.8m $4.3m ($12.5m) ($6.4m) ($16.6m) ($170k) $32.9m ($23.2m) ($16.7m)
Unrecognized tax benefits $25.2m $9.6m $56.3m $92.0m $29.0m $38.1m $20.7m $28.6m $57.9m $17.9m
Other long-term liabilities $15.7m $10.7m $22.6m $21.5m ($5.5m) $14.6m ($6.6m) ($5.1m) $1.3m ($3.5m)
Purchases of intangible assets ($256k) ($15k) ($3.5m) ($2.2m) ($888k) ($202k) ($108k) ($740k) ($37k)
Purchases of long-term time deposits ($2.1m) ($100.7m) ($63.3m) ($222.2m)
Proceeds from disposal of equity securities $64.9m $30.5m $222.0m $199k $284.0m $116.6m $21.8m $188.1m
Proceeds from disposal of subsidiaries $2.2m $1.7m $79.7m $37.8m $2.8m
Loans to related parties ($150.0m) ($3.5m) ($4.3m) ($634.6m) ($528.4m) ($604.6m) ($168.7m) ($858k)
Repayment of loans from related parties $30.0m $128.1m $458.8m $540.0m $307.9m $43.6m $363k $2.0m
Repayment of loans from third parties $1.6m $14.6m $5.9m
Loans to franchisees ($6.6m) ($54.1m) ($157.4m) ($218.8m) ($423.4m) ($47.8m) ($22.6m) ($14.3m) ($15.3m)
Repayment of loans from franchisees $95.8m $121.1m $84.3m $23.2m
Distribution to the shareholders (Note 1) ($18.0m) ($579.0m) ($200.5m) ($227.0m) ($320.3m) ($41.0m) ($70.9m) ($43.0m)
Repurchase of ordinary shares ($19.7m) ($365k) ($5k)
Proceeds from bank loans $160.0m $808.0m $99.8m $174.0m $200.0m
Repayment of bank loans ($70.0m) ($250.0m) ($406.2m) ($458.3m) ($117.2m) ($400k)
Loan from non-controlling interest $20.6m $9.7m $5.1m $272k
Shares received from Argyle $17.0m $11.0m
Beginning Cash Position $353.1m $734.0m $791.6m $1.5b
Cash Flow From Continuing Financing Activities ($335.4m) ($303.7m) $10.5m ($43.4m)
Cash Flow From Continuing Investing Activities $420.4m ($93.7m) $345.4m ($62.8m)
Change In Account Payable ($15.9m) ($50.5m) ($3.0m) ($19.0m)
Change In Accrued Expense $69.0m $26.2m $3.2m $60.9m
Change In Income Tax Payable $6.7m $32.9m ($23.2m) ($16.7m)
Change In Inventory $10.6m $4.8m $14.6m $2.0m
Change In Other Current Assets $73.2m ($30.7m) $659k $10.4m
Change In Other Current Liabilities ($244.5m) ($261.1m) ($246.4m) ($238.1m)
Change In Other Working Capital ($202.5m) ($8.2m) $18.5m ($33.7m)
Change In Payable $4.6m ($26.0m) ($33.0m) ($40.1m)
Change In Payables And Accrued Expense $73.7m $168k ($29.8m) $20.8m
Change In Prepaid Assets ($3.1m) $0 $0
Change In Receivables ($62.0m) $3.0m ($5.4m) $4.5m
Change In Tax Payable $6.7m $32.9m ($23.2m) ($16.7m)
Change In Working Capital ($351.5m) ($292.0m) ($247.9m) ($234.1m)
Changes In Account Receivables ($53.6m) ($5.4m) ($4.0m) $3.5m
Changes In Cash $379.6m $57.6m $729.3m $175.1m
End Cash Position $734.0m $791.6m $1.5b $1.7b
Financing Cash Flow ($335.4m) ($303.7m) $10.5m ($43.4m)
Free Cash Flow $210.7m $366.5m $293.8m $20.1m
Gain Loss On Investment Securities $62.2m $7.0m $15.0m ($169.0m)
Gain Loss On Sale Of Business $16.1m $1.2m ($488k) $5.4m
Gain Loss On Sale Of PPE $4.5m $2.2m ($25.3m) $35.6m
Investing Cash Flow $420.4m ($93.7m) $345.4m ($62.8m)
Net Business Purchase And Sale $79.7m $37.8m $2.8m $0
Net Foreign Currency Exchange Gain Loss ($17.8m) ($372k) ($27.5m) $30.8m
Net Intangibles Purchase And Sale ($108k) ($740k) ($37k) $0
Net PPE Purchase And Sale ($74.5m) ($84.8m) $60.3m ($260.7m)
Operating Gains Losses $64.9m $10.0m ($38.4m) ($97.2m)
Other Non Cash Items $310.9m $266.6m $266.6m $189.0m
Purchase Of Business ($187.1m) $0 $0
Purchase Of Intangibles ($108k) ($740k) ($37k) $0
Purchase Of PPE ($83.7m) ($87.8m) ($79.6m) ($261.2m)
Repurchase Of Capital Stock $0 ($19.7m) ($365k) ($5k)
Sale Of Business $79.7m $37.8m $2.8m $0
Sale Of PPE $9.2m $3.0m $139.9m $429k
Stock Based Compensation $2.5m ($62k) $63k
Other Operating Income (Expense), Net $1.2m $5.2m $387k $352k $1.9m $3.5m $3.2m
Net Cash Provided by (Used in) Operating Activities $443.6m $476.7m $80.7m $73.8m $45.3m $56.6m $42.4m $64.1m $51.2m $40.2m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment ($5.8m) $16.6m $20.1m $30.6m $17.2m $53.6m $10.0m $12.4m $10.9m $37.3m
Payments to Acquire Businesses, Net of Cash Acquired $1.9m $46.7m $2.8m $23.2m
Payments to Acquire Investments $100.7m $30.4m
Purchases of short-term investments ($368.0m) ($781.9m) ($772.5m) ($823.2m) ($206.6m) ($378.2m) ($161.8m) ($262.7m)
Net Investment Purchase And Sale $505.5m ($159.0m) $206.9m $188.1m
Purchase Of Investment ($161.8m) ($326.0m) ($232.6m) $0
Proceeds from maturities of short-term investments $453.4m $536.4m $517.5m $167.0m $417.7m $10k
Sale Of Investment $667.2m $167.0m $439.5m $188.1m
Net Other Investing Changes ($90.0m) $113.1m $75.4m $9.9m
Net cash (used in) generated from investing activities $74.0m ($744.9m) ($181.8m) ($1.2b) ($111.6m) ($928.4m) $398.5m ($93.7m) $345.4m ($62.8m)
Net Cash Provided by (Used in) Investing Activities ($744.9m) ($26.4m) ($175.2m) ($17.1m) ($145.7m) $57.8m ($13.2m) $47.3m ($9.0m)
Cash flows from financing activities:
Issuance Of Debt $305.6m $174.0m $200.0m $0
Long Term Debt Issuance $305.6m $174.0m $200.0m $0
Net Issuance Payments Of Debt ($299.9m) ($284.3m) $82.8m ($400k)
Net Long Term Debt Issuance ($299.9m) ($284.3m) $82.8m ($400k)
Long Term Debt Payments ($605.5m) ($458.3m) ($117.2m) ($400k)
Repayment Of Debt ($605.5m) ($458.3m) ($117.2m) ($400k)
Proceeds from Issuance of Common Stock $121.8m
Net Common Stock Issuance $0 ($19.7m) ($365k) ($5k)
Payments for Repurchase of Common Stock $2.8m $50k $762
Common Stock Payments $0 ($19.7m) ($365k) ($5k)
Proceeds from Noncontrolling Interests $2.1m $1.1m $1.3m $58k
Dividends paid $579 $29 $33 $50 $6 $10 $6
Payments of Dividends $579 $29 $33 $50 $6 $10 $6
Dividends Payable, Current $40 $6
Cash Dividends Paid ($41.0m) $0 ($70.9m) ($43.0m)
Common Stock Dividend Paid ($320.3m) ($41.0m) $0
Net Other Financing Charges $17.9m $5.5m $272k ($966k)
Net cash (used in) generated from financing activities ($133.0m) ($465.2m) $662.8m ($212.2m) $115.5m $255.6m ($341.9m) ($303.7m) $10.5m ($43.4m)
Net Cash Provided by (Used in) Financing Activities ($465.2m) $96.4m ($30.5m) $17.7m $40.1m ($49.6m) ($42.8m) $1.4m ($6.2m)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents ($1.5m) $9.6m ($994k) ($1.2m) ($211k) $156k $5k $589k ($3.1m)
Effect of exchange rate changes on cash and cash equivalents and restricted cash $6.3m ($1.5m) $66.0m ($6.9m) ($7.7m) ($1.3m) $1.1m $32k $4.3m ($21.8m)
Effect Of Exchange Rate Changes $1.2m $32k $4.3m ($21.8m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect ($734.8m) $160.3m ($132.9m) $44.7m ($49.1m) $50.7m $8.1m $100.5m $21.9m
Net increase in cash and cash equivalents and restricted cash $390.9m ($734.8m) $1.1b ($925.2m) $291.6m ($313.1m) $349.8m $57.6m $733.6m $153.2m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $23.6m $183.8m $49.1m $97.1m $50.3m $97.2m $111.5m $209.0m $240.0m
Cash and cash equivalents and restricted cash at the beginning of the year $896.8m $162.0m $1.3b $342.2m $633.7m $320.6m $670.4m $791.6m $1.5b $1.7b
Cash and cash equivalents $162.0m $1.3b $319.8m $611.4m $298.4m $637.2m $765.5m $1.5b $1.7b
Restricted cash, current $3.3m $7.9m $6.6m $16.1m $7.4m
Restricted cash, non-current $22.3m $22.4m $18.9m $25.4m $19.5m $18.9m $18.9m
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported $380.8m $57.6m $733.6m $153.2m
Interest Paid, Excluding Capitalized Interest, Operating Activities $1.4m $306k $685k $1.2m $3.7m $2.0m $1.1m $1.1m
Income Taxes Paid, Net ($64.9m) ($160.1m) ($13.6m) ($17.3m) ($16.2m) ($12.3m) ($7.8m) ($8.7m) $11.3m $8.1m

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.