ʻO Friedman Industries (NYSE:FRD) kahi mea hana wili wela. Kūʻai ka ʻoihana i nā wili mai nā mea hana nui a hana iā lākou no ke kūʻai hou aku i nā mea kūʻai aku a i ʻole nā ​​​​mea kūʻai aku.
Ua mālama ka ʻoihana i ke akahele kālā a me ka hana i ʻole e hoʻopilikia nui ʻia e ka pōʻaiapuni iho o ka ʻoihana. ʻO ka ʻoiaʻiʻo, ʻo ka ʻumi makahiki ma waena o ka hopena o ka pilikia kālā a me ka hoʻomaka ʻana o ka pilikia COVID ʻaʻole maikaʻi loa no nā waiwai holoʻokoʻa, akā ʻo ka loaʻa kālā awelika o ka ʻoihana he $2.8 miliona.
Ua pili mau nā waihona o nā FRD me nā kumukūʻai kila, ʻoiai ʻo ke kumukūʻai kila kiʻekiʻe ke ʻano o ka loaʻa kālā kiʻekiʻe a me ka hoʻonui ʻia o ke koi no nā huahana FRD. ʻAʻole ʻokoʻa ka holo hope loa a me ka hāʻule ʻana o nā kumukūʻai kila i nā mahina 12 i hala.
ʻO ka ʻokoʻa i kēia manawa, ua loli paha ke kaiapuni hoʻokele waiwai, e hōʻike ana he ʻoi aku ke kiʻekiʻe o nā kumukūʻai waiwai ma mua o nā makahiki he ʻumi i hala. Eia kekahi, ke hoʻonui nei ʻo FRD i ka hana ʻana ma ke kūkulu ʻana i nā hale hana hou a ua hoʻomaka e pale i kekahi o kāna ʻoihana, me nā hopena like ʻole.
Hōʻike paha kēia mau hoʻololi e hiki iā FRD ke loaʻa kālā hou aʻe i loko o nā makahiki he ʻumi e hiki mai ana ma mua o ka wā ma mua, a no laila, e hōʻoia i kona kumukūʻai mahele o kēia manawa. Eia naʻe, ʻaʻole i hoʻoholo ʻia ka maopopo ʻole, a ke manaʻoʻiʻo nei mākou he pipiʻi ke kumukūʻai me ka ʻike i loaʻa.
Nānā: Inā ʻaʻole i ʻōlelo ʻia, ua loaʻa nā ʻike āpau mai nā waihona SEC a FRD. Pau ka makahiki kālā a FRD ma Malaki 31, no laila ma kāna hōʻike 10-K, ʻo ka makahiki kālā o kēia manawa e pili ana i ka makahiki hana i hala, a ma kāna hōʻike 10-Q, ʻo ka makahiki hōʻike o kēia manawa e pili ana i ka makahiki hana o kēia manawa.
ʻAʻole hiki i kekahi loiloi o kahi ʻoihana e kālele ana i nā waiwai cyclical a i ʻole nā ​​​​huahana pili ke kāpae i ka pōʻaiapili hoʻokele waiwai e hana ai ka ʻoihana. Ma keʻano laulā, makemake mākou i kahi ala mai lalo a luna i ka loiloi ʻana, akā i kēia ʻano ʻoihana, he mea hiki ʻole ke pale ʻia kahi ala mai luna a lalo.
Ke nānā nei mākou i ka wā mai Iune 2009 a Malaki 2020. Ma ko mākou ʻike, ʻoiai ʻaʻole like ka wā, ua hōʻailona ʻia e ka hāʻule ʻana o nā kumukūʻai waiwai, ʻoiai ke kumukūʻai ikehu, nā uku paneʻe haʻahaʻa, a me nā kulekele hoʻonui kālā a me ka hoʻohui ʻana o ke kālepa honua.
Hōʻike ka pakuhi ma lalo nei i ke kumukūʻai o HRC1, ka ʻaelike futures coil wela kūloko a FRD e hoʻolako nui ai. E like me kā mākou e ʻike ai, ʻo ka manawa a mākou i hoʻoholo ai e kālailai i nā kumukūʻai i uhi ʻia mai $375 a i $900 no ka tona. Ua maopopo mai ka pakuhi ua ʻokoʻa loa ka hana kumukūʻai ma hope o Malaki 2020.
He mea hana ma hope o ka hana ʻo FRD, ʻo ia hoʻi he mea hana kokoke loa ia i ka mea kūʻai hope loa o ka huahana kila. Kūʻai ʻo FRD i nā wili wela i ʻōwili nui ʻia mai nā wili nui aʻe, a laila ʻoki ʻia, hoʻohālike ʻia a kūʻai hou ʻia aku e like me ia i nā mea kūʻai hope a i ʻole nā ​​mea kūʻai aku.
I kēia manawa, ʻekolu mau hale hana o ka hui ma Decatur, Alabama; Lone Star, Texas; a me Hickman, Arkansas. Hoʻolaʻa ʻia nā hale hana ʻo Alabama a me Arkansas no ka ʻoki ʻana i nā wili, ʻoiai ua hoʻolaʻa ʻia ka hale hana ʻo Texas no ka hana ʻana i nā wili i loko o nā paipu.
Ua hōʻike ʻia kahi hulina maʻalahi ma Google Maps no kēlā me kēia hale hana aia nā hale hana ʻekolu ma kahi kokoke i nā hale hana nui no nā lama kaulana i ka ʻoihana. Aia ka hale hana Lone Star ma kahi kokoke i kahi hale hana huahana tubular US Steel (X). Kokoke loa nā hale hana Decatur lāua ʻo Hickman i ka hale hana Nucor (NUE).
He mea nui ka wahi i ke kumukūʻai a me ke kūʻai aku ʻana, ʻoiai he kuleana nui ka logistics i nā huahana kila, no laila e uku nui ʻia ka noʻonoʻo ʻana. ʻAʻole hiki i nā wili nui ke hana pono i ke kila e kūlike me nā kikoʻī o ka mea kūʻai aku, a i ʻole e kālele wale i ka hoʻohālikelike ʻana i kekahi mau ʻāpana o ka huahana, e waiho ana i nā wili liʻiliʻi e like me FRD e lawelawe i ke koena.
E like me kāu e ʻike ai ma ka pakuhi ma lalo nei, i nā makahiki he ʻumi i hala iho nei, ua neʻe like ka waiwai nui o FRD a me ka loaʻa kālā hana me nā kumukūʻai kila (aia kāna pakuhi kumukūʻai ma ka ʻāpana ma mua), e like me nā hui ʻē aʻe e hana ana i nā waiwai.
ʻO ka mea mua, he kakaikahi loa nā manawa i piha ai nā FRD. ʻO ka pinepine, he pilikia ka leverage hana no nā ʻoihana waiwai nui. ʻO nā kumukūʻai paʻa i hoʻokumu ʻia e nā hale hana e hana i nā loli liʻiliʻi i ka loaʻa kālā a i ʻole ka loaʻa kālā nui he hopena nui i ka loaʻa kālā hana.
E like me ka hōʻike ʻana o ka pakuhi ma lalo nei, ʻaʻole pakele ʻo FRD i kēia ʻoiaʻiʻo, a ke ākea nei ka neʻe ʻana o ka loaʻa kālā i ka neʻe ʻana o ka hōʻike loaʻa kālā i lalo. ʻO ka mea kūikawā e pili ana iā FRD, ʻaʻole ia e nalowale i ka nui o ke kālā ke hāʻule nā ​​​​kumukūʻai o kāna huahana. ʻO kēlā ʻōlelo, ʻoiai ua hoʻopilikia ʻia ʻo FRD e ka leverage hana, ua kūpaʻa ia i nā pōʻaiapuni ʻoihana i lalo.
ʻO ka lua o ka ʻaoʻao hoihoi, ʻo ia ka awelika o ka loaʻa kālā hana a FRD no ia manawa he $4.1 miliona. ʻO ka awelika o ka loaʻa kālā ʻupena a FRD no ia manawa he $2.8 miliona, a i ʻole 70% o ka loaʻa kālā hana. ʻO ka ʻokoʻa wale nō ma waena o ka loaʻa kālā hana a FRD a me ka loaʻa kālā ʻupena ʻo ia ka ʻauhau loaʻa kālā 30%. ʻO ia hoʻi, he kakaikahi loa nā lilo kālā a i ʻole nā ​​lilo ʻē aʻe o ka hui, a ma ka ʻaoʻao ʻē aʻe e hoʻemi ana i ka leverage (i kēia hihia kālā). ʻO kēia ma muli o ka loaʻa ʻole o ka aie kālā a FRD i kēia wā.
ʻO ka mea hope loa, ʻaʻole i ʻokoʻa nui ka awelika o ka hōʻemi waiwai a me ka amortization makahiki mai nā lilo kālā i ka wā i uhi ʻia. Hāʻawi kēia iā mākou i ka hilinaʻi ʻaʻole i hōʻike hewa ka ʻoihana i kāna mau lilo kālā, a no laila e hoʻonui i nā kumukūʻai e hoʻomaikaʻi i ka loaʻa kālā ma o ka helu kālā.
Ua maopopo iā mākou ua mālama ka hoʻolilo kālā mālama pono a me ke kālā ʻana i ka FRD i ka waiwai i nā manawa paʻakikī no ka ʻoihana kila. He mea hōʻoluʻolu koʻikoʻi kēia i ka wā e noʻonoʻo ai iā FRD.
ʻAʻole ke kumu o kēia loiloi e wānana i ka mea e hiki mai ana i nā mea i wānana ʻole ʻia e like me ke kumukūʻai o nā waiwai, nā uku paneʻe a me ke kālepa honua.
Eia nō naʻe, makemake mākou e kuhikuhi aku ua hōʻike ke kaiapuni a mākou e noho nei a me ke kaiapuni e ulu aʻe ana i nā makahiki he ʻumi e hiki mai ana i nā hiʻohiʻona ʻokoʻa loa i hoʻohālikelike ʻia me ke kūlana i nā makahiki he ʻumi i hala.
I ko mākou hoʻomaopopo ʻana, ʻoiai mākou e kamaʻilio nei e pili ana i nā hanana i maopopo ʻole, ua ʻokoʻa loa nā mea ʻekolu.
ʻO ka mea mua, ʻaʻole like ka honua me he mea lā e neʻe ana i ka hoʻohui ʻana o ke kālepa honua. He mea maikaʻi ʻole kēia no ka hoʻokele waiwai holoʻokoʻa, akā maikaʻi no nā mea hana waiwai liʻiliʻi i hoʻopilikia ʻole ʻia e ka hoʻokūkū honua. He mea pōmaikaʻi maopopo ia no nā mea hana kila US, ka poʻe e ʻeha nei i ka hoʻokūkū haʻahaʻa, ʻo ka hapa nui mai Kina mai. ʻOiaʻiʻo, ʻo ka emi ʻana o ke koi i lawe ʻia mai e ka emi ʻana o ke kālepa ua loaʻa pū kekahi hopena maikaʻi ʻole i ke koi kila.
ʻO ka lua, ua haʻalele nā ​​​​panakō waena ma nā ʻoihana holomua i nā kulekele kālā hoʻonui a lākou i hoʻokō ai i nā makahiki he ʻumi i hala. ʻAʻole mākou i maopopo i ka hopena o nā kumukūʻai waiwai.
ʻO ke kolu, a pili i nā mea ʻelua ʻē aʻe, ua hoʻomaka mua ka hoʻonui ʻia ʻana o ke kumukūʻai ma nā ʻoihana holomua, a aia ka kānalua e pili ana i ka hoʻomau ʻana. Ma waho aʻe o nā kaomi hoʻonui ʻia ʻana o ke kumukūʻai, ua hoʻopilikia pū nā hoʻopaʻi hou ʻana ma Rusia i ke kūlana o ke kālā ma ke ʻano he kālā mālama honua. Ua loaʻa i kēia mau hoʻomohala ʻelua ka hopena i luna i nā kumukūʻai waiwai.
ʻO ko mākou manaʻo hou, ʻaʻole ia e wānana i nā kumukūʻai kila e hiki mai ana, akā e hōʻike i ka loli nui o ka hoʻokele waiwai nui i hoʻohālikelike ʻia me ke kūlana ma waena o 2009 a me 2020. ʻO ke ʻano kēia, ʻaʻole hiki ke kālailai ʻia nā FRD me ka manaʻo e hoʻihoʻi i nā kumukūʻai waiwai waena a me ke koi o nā makahiki he ʻumi i hala.
Manaʻo mākou he ʻekolu mau hoʻololi he mea nui loa ia no ka wā e hiki mai ana o FRD, me ke kūʻokoʻa o nā loli o ke kumukūʻai a me ka nui i koi ʻia.
ʻO ka mea mua, ua wehe ʻo FRD i kahi hale hana hou no kāna mahele ʻoki wili ma Hinton, Texas. Wahi a ka hōʻike 10-Q o ka hui no ka hapaha ʻekolu o 2021 (Dekemaba 2021), ua hoʻolilo ʻia a hōʻiliʻili ʻia paha ke kumukūʻai o ka hale hana he $21 miliona ma $13 miliona. ʻAʻole i hoʻolaha ka hui i ka wā e hoʻomaka ai ka hana o ka hale hana.
E loaʻa i ka hale hana hou kekahi o nā mīkini ʻoki nui loa ma ka honua, e hoʻonui ana ʻaʻole wale i ka hana ʻana akā ʻo ka laina huahana a ka hui e hāʻawi nei. Aia ka hale hana ma ke kahua ʻo Steel Dynamics (STLD), kahi i hoʻolimalima ʻia i ka hui no $1 i kēlā me kēia makahiki no 99 mau makahiki.
Ke hoʻonui nei kēia hale hou ma luna o ke akeakamai like o ka hale hana mua a aia kokoke loa i kahi mea hana nui e lawelawe i ka hana ʻana i kikoʻī loa no kēlā mea hana.
Me ka noʻonoʻo ʻana i ka wā hōʻemi waiwai he 15 makahiki, e aneane pāpālua ka hale hou i ka lilo hōʻemi waiwai o FRD i kēia manawa i $3 miliona. He mea maikaʻi ʻole kēia inā hoʻi nā kumukūʻai i nā pae i ʻike ʻia i nā makahiki he ʻumi i hala.
ʻO ka lua, ua hoʻomaka ʻo FRD i nā hana pale mai Iune 2020, e like me ka mea i hoʻolaha ʻia ma kāna hōʻike FY21 10-K. I ko mākou ʻike ʻana, hoʻolauna ka pale ʻana i ka pilikia kālā koʻikoʻi i nā hana, e hoʻolilo i ka wehewehe ʻana i nā hōʻike kālā i mea paʻakikī, a koi aku i ka hoʻoikaika ʻana o ka hoʻokele.
Hoʻohana ʻo FRD i ka helu ʻana no kāna mau hana pale, kahi e hiki ai iā ia ke hoʻopanee i ka ʻike ʻana i nā loaʻa a me nā pohō ma nā derivatives a hiki i ka hana pale, inā he. No ka laʻana, e manaʻo e kūʻai aku ʻo FRD i kahi ʻaelike i hoʻoponopono ʻia no HRC i hoʻoponopono ʻia i loko o ʻeono mahina no $100. I ka lā i hoʻoponopono ʻia ai ka ʻaelike, ʻo ke kumukūʻai kiko he $50. A laila ua hoʻopaʻa inoa ka hui i $50 i nā waiwai derivative mark-to-market a me $50 i nā loaʻa derivative i ʻike ʻole ʻia i loko o nā loaʻa kālā piha ʻē aʻe. Hana ʻia ka hana maoli o ka pale ma ka lā hoʻokahi ma ke kumukūʻai kiko o $50, a laila hoʻololi ʻia ka loaʻa OCI i loaʻa kālā no ka makahiki ma ka hoʻohui ʻana i $50 i nā kūʻai aku.
Inā kūlike kēlā me kēia hana pale i ka hana maoli, e holo pono nā mea āpau. I kēia hihia, ʻoi aku ka nui a me ka liʻiliʻi o nā loaʻa a me nā pohō ma nā derivatives e nā loaʻa a me nā pohō ma ke kālepa maoli. Hiki i ka poʻe heluhelu ke hoʻomaʻamaʻa i ke kūʻai ʻana a me ke kūʻai aku ʻana i ka pale i ka piʻi ʻana a i ʻole ka hāʻule ʻana o nā kumukūʻai.
Hoʻomaka nā pilikia ke hoʻonui nā ʻoihana i ka ʻoihana pale ʻole e hiki ʻole. Inā loaʻa ka pohō i ka ʻaelike derivative, lawe ʻia i mua i ka loaʻa waiwai me ka ʻole o kekahi hoa kino e hoʻopau iā ia. No ka laʻana, manaʻo ʻia he hoʻolālā kahi ʻoihana e kūʻai aku i 10 mau coil a no laila kūʻai aku i 10 mau ʻaelike i hoʻopaʻa ʻia i ke kālā. ʻO ka piʻi ʻana o 20% i ke kumukūʻai kiko e hopena i ka pohō 20% no kēlā me kēia ʻaelike (ʻaʻole i manaʻo ʻia ka leverage no ka maʻalahi). Inā kūʻai ʻia nā coil 10 e hiki mai ana ma ke kumukūʻai kiko like, ʻaʻohe pohō. Eia nō naʻe, inā pau ka ʻoihana i ke kūʻai aku ʻana i 5 mau coil ma ke kumukūʻai kiko, pono ia e ʻike i ka pohō o nā ʻaelike i koe.
ʻO ka mea pōʻino, i loko o 18 mau mahina wale nō o nā hana pale, ua ʻike ʻo FRD i nā pohō pale nui o $10 miliona (e noʻonoʻo ana i $7 miliona i nā waiwai ʻauhau i hana ʻia). ʻAʻole i hoʻokomo ʻia kēia mau mea i loko o ka loaʻa kālā a i ʻole ke kumukūʻai o nā waiwai i kūʻai ʻia, akā ua hoʻokomo ʻia i loko o nā loaʻa kālā ʻē aʻe (ʻaʻole e huikau me nā loaʻa kālā piha ʻē aʻe). I kekahi hihia ʻē aʻe, he hewa weliweli ia e ʻike pono ai i nā hōʻike kālā a me ka hoʻokō ʻana o ka hui e hoʻoponopono hou i kāna kulekele pale. No ka mea, ua loaʻa iā FRD ka nui o ke kālā i kēia makahiki a ua nalowale iki, ua ʻōlelo wale ʻia ʻo FRD ma hoʻokahi paukū.
Hoʻohana nā ʻoihana i ka pale ʻana e hoʻonui i ka pono a i kekahi manawa loaʻa ka waiwai ma ke kūʻai aku ʻana ma ke kumukūʻai maikaʻi aʻe ke loaʻa ʻole ka huahana. Eia nō naʻe, ke manaʻoʻiʻo nei mākou ʻaʻole pono ka pilikia hou a, e like me kā mākou i ʻike ai, hiki iā ia ke hoʻoulu i nā pohō nui. Inā hoʻohana ʻia, pono e loaʻa i ka hana pale kahi kulekele paepae conservative loa, ʻaʻole e ʻae i ka hana pale e ʻoi aku ma mua o kahi paepae liʻiliʻi o nā kūʻai aku i wānana ʻia a hiki i ka maopopo ʻana o kēlā mau kūʻai aku.
A i ʻole, e nui ka hopena o nā hana pale i ka wā e pono nui ai ke kōkua o nā ʻoihana. ʻO ke kumu, ʻaʻole i holomua ka helu ʻana o ka pale i ka wā e ʻoi aku ai ka nui o nā pale ma mua o ka hana maoli, kahi e hana ʻia ai ke hāʻule ka noi o ka mākeke, kahi e hāʻule ai nā kumukūʻai kiko. ʻO ka hopena, e kū ana ka ʻoihana i kahi kūlana o ka emi ʻana o ka loaʻa kālā a me nā loaʻa kālā ʻoiai e pono ai ke uku no nā pohō pale hou aʻe.
ʻO ka mea hope loa, no ke kālā ʻana i kāna pale ʻana, ka hoʻonui ʻia o nā pono waihona a me ke kūkulu ʻana i kahi hale hana hou, ua kau inoa ʻo FRD i kahi hōʻaiʻē me JPMorgan Chase (JPM). Ma lalo o kēia ʻano hana, hiki iā FRD ke hōʻaiʻē a hiki i $70 miliona ma muli o ka waiwai o kāna waiwai o kēia manawa a me EBITDA a uku iā SOFR + 1.7% ma ke koena i koe.
I Dekemaba 2021, he $15 miliona ke koena o ka ʻoihana ma ka hale hana. ʻAʻole i haʻi ka ʻoihana i ka helu SOFR āna e hoʻohana ai, akā no ka laʻana, ʻo ka helu 12 mahina he 0.5% i Dekemaba a i kēia manawa he 1.5%. ʻOiaʻiʻo, he haʻahaʻa nō kēia pae o ke kālā, ʻoiai ʻo ka hoʻololi ʻana o 100 kumu kumu e hopena wale i kahi lilo hoihoi hou aʻe o $150,000. Eia nō naʻe, i nā mahina e hiki mai ana, pono e nānā pono ʻia nā pae ʻaiʻē.
Ua haʻi mua mākou i kekahi o nā pilikia ma hope o nā hana FRD, akā makemake mākou e kau akāka iā lākou ma kahi ʻāpana ʻokoʻa a kūkākūkā hou aku.
E like me kā mākou i ʻōlelo ai, ua loaʻa iā FRD ka leverage hana, nā kumukūʻai paʻa, i nā makahiki he ʻumi i hala iho nei, akā ʻaʻole ia he manaʻo nui i nā pohō ma nā mākeke ʻino loa. Me kahi hale hana hou i kūkulu ʻia e hiki ke hoʻohui i $1.5 miliona i ka makahiki i ka emi ʻana o ke kumukūʻai, e loli ana kēlā. Pono ka ʻoihana e piʻi mai me $1.5 miliona i ka makahiki i ka loaʻa kālā me ka ʻole o nā kumukūʻai loli. Hoʻopilikia kēia pilikia i ka loaʻa kālā helu, ʻaʻole ka loaʻa kālā, no ka mea, e uku piha ʻia ka hale hana no kēia makahiki.
Ua ʻōlelo pū mākou ʻaʻohe aie a FRD, ʻo ia hoʻi, ʻaʻohe leverage kālā ma ke ala i luna a i lalo paha. I kēia manawa, ua kau inoa ka hui i kahi hale hōʻaiʻē e pili ana i kāna waiwai wai. ʻAe ka laina hōʻaiʻē i nā hui e hōʻaiʻē a hiki i $75 miliona ma kahi uku paneʻe e like me SOFR +1.7%. ʻOiai ʻo ka helu SOFR makahiki ma kēia manawa he 1.25% (i helu ʻia me ka hoʻohana ʻana i nā futures CME, ʻoiai ʻaʻohe ʻano manawa o SOFR), uku ʻo FRD i $295,000 i ka uku paneʻe no kēlā me kēia $10 miliona i hōʻaiʻē hou ʻia. Ke piʻi nei ka helu SOFR ma 100 mau kumu kumu (1%) i kēlā me kēia makahiki, e uku ka FRD i $100,000 hou aʻe. ʻAiʻē ʻo FRD i kēia manawa he $15 miliona, ʻo ia hoʻi ka lilo o ka uku paneʻe makahiki o $442,000, ʻaʻole i loaʻa i nā helu o nā makahiki he ʻumi i hala.
Ke hoʻohui pū ʻia kēlā mau uku ʻelua, a me ka piʻi ʻana o ka uku he 1% no ke koena o 2022, pono ka ʻoihana e loaʻa hou aku he $2 miliona ma ka loaʻa kālā hana i hoʻohālikelike ʻia me ka mea ma mua o nā loli hou i ka COVID. ʻOiaʻiʻo, ʻo ia ka noʻonoʻo ʻana ʻaʻole ka ʻoihana e uku i kāna mau aie a hōʻaiʻē paha i ke kālā hou aku.
A laila ua ʻōlelo mākou i ka pilikia pale, he mea paʻakikī ke ana akā loaʻa kahi hopena nui i ka wā e nāwaliwali loa ai nā ʻoihana. ʻO ka pilikia kikoʻī o kahi ʻoihana e hilinaʻi nui ʻia i ka nui o nā ʻaelike e wehe ʻia i kēlā me kēia manawa a pehea e neʻe ai nā kumukūʻai kila. Eia nō naʻe, ʻo ka pohō like ʻole o $10 miliona i hōʻoia ʻia i kēia makahiki e hoʻouna i nā haʻalulu i lalo o ka iwi kuamoʻo o kekahi mea hoʻopukapuka kālā. Manaʻo mākou e hoʻonohonoho nā ʻoihana i nā palena kulekele kikoʻī ma kā lākou mau hana pale. ʻO kēia ka pilikia nui loa e kū nei i ka ʻoihana i kēia manawa.
E pili ana i ka puhi ʻana i ke kālā, ʻaʻole maikaʻi loa ka ʻike i loaʻa iā mākou mai ka hapaha ʻekolu o 2021 (Dec 2021). ʻAʻole nui ke kālā a FRD, he $3 miliona wale nō. Pono ka hui e uku i $27 miliona ma nā hōʻiliʻili, ʻo ka hapa nui o ia mea i loaʻa mai kāna hale hana hou ma Texas, a he $15 miliona i koe ma kāna laina hōʻaiʻē i koe.
Eia nō naʻe, ua hoʻonui pū ʻo FRD i kāna hoʻopukapuka kālā i loko o ka waihona a me nā mea i loaʻa i ka makahiki i ka piʻi ʻana o ke kumukūʻai kila. Ma ka 3Q21, ua loaʻa i ka hui kahi moʻolelo he $83 miliona ma ka waihona a me $26 miliona ma nā mea i loaʻa. Ke kūʻai aku nei ka hui i kekahi waihona, pono e loaʻa ke kālā. Inā hāʻule nui ke koi a hoʻomaka ka waihona FRD e palupalu, hiki i ka hui ke hōʻaiʻē hou aku mai ka laina hōʻaiʻē a JPMorgan, a hiki i $75 miliona. ʻOiaʻiʻo, e loaʻa kēia i kahi kumukūʻai kālā nui, ma ka helu o kēia manawa o $2.2 miliona i kēlā me kēia makahiki. ʻO kēia kekahi o nā kumu nui e loiloi ai i ka wā e puka mai ai nā hopena hou i kekahi manawa i ʻApelila.
ʻO ka mea hope loa, he waihona kālepa lahilahi ʻo FRD, me ka awelika o ka nui o kēlā me kēia lā ma kahi o 5,000 mau ʻāpana. Loaʻa i ka waihona kahi pālahalaha noi/bid o 3.5%, kahi i manaʻo ʻia he kiʻekiʻe. He mea ia e hoʻomanaʻo ai nā mea hoʻopukapuka kālā, akā ʻaʻole ʻike nā mea āpau he pilikia ia.
I ko mākou manaʻo, hōʻike nā makahiki he ʻumi i hala i kahi kūlana maikaʻi ʻole no nā mea hana waiwai, ʻoi aku hoʻi ka ʻoihana kila o US. I kēia hihia, ʻo ka hiki iā FRD ke hoʻokele i ka loaʻa kālā me ka awelika o ka loaʻa kālā makahiki o $2.8 miliona he hōʻailona maikaʻi.
ʻOiaʻiʻo, ʻoiai ke noʻonoʻo nei i nā pae kumukūʻai o nā makahiki he ʻumi i hala iho nei, ʻaʻole hiki iā mākou ke wānana i ka loaʻa kālā like no FRD ma muli o nā loli koʻikoʻi i ka hoʻopukapuka kālā a me nā hana pale. ʻO kēlā ʻōlelo, ʻoiai ke noʻonoʻo nei i ka hoʻi ʻana i ke kūlana ma mua, ʻoi aku ka nui o ka pilikia o ka hui.