Salamander Innisbrook, LLC

Here's the polished annual review for everyday investors:

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4. Financial Health Check

The Numbers That Matter

• Cash cushion: $15 million (up 50% from last year) thanks to selling land
• Debt load: $50 million (down 9% from last year)
• What's left for owners: $34.85 million after paying all debts
• 2024 Profit Story:
  • Total revenue: $47.2 million
  • Total costs: $36.9 million
  • Final profit: $714,632 (1.9% of revenue - they keep 2¢ per $1 earned)

The Good News ✅

1. Cash reserves tripled compared to last year ($15M vs $10M)
2. Spent 14% less on property upgrades than last year ($3.66M vs $4.26M)
3. Insurance overpayment added $744,000 to coffers
4. Slashed income taxes by 86% ($23K vs $164K last year)

Red Flags 🚩

1. Profit margins are razor-thin at 1.9%
2. Core operations lost money without the land sale
3. Debt remains high at nearly 90% of total assets ($50M debt vs $55.8M assets)

The Bottom Line
This resort operator is treading water. While they've improved cash reserves and reduced debt, the core business isn't generating meaningful profits. The $34.85M owners' stake suggests there's real value here, but investors should ask:

• Can they grow profits without selling more assets?
• Will rising interest rates make their $50M debt harder to manage?
• Why did one member get a $1M payout last year when profits are this slim?

Key Takeaways for Investors
✔️ Consider if... You want a stable asset-backed investment with turnaround potential
❌ Avoid if... You need strong year-over-year profit growth or dividend payments
🔍 Watch: Whether 2025 shows profit margin improvement without asset sales

This review focuses on available data - the company didn't share details about occupancy rates, guest spending trends, or future growth plans that would help investors fully assess opportunities.

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Final Investor Note: Thin margins + high debt = higher risk. The $15M cash buffer gives breathing room, but this investment hinges on management's ability to fix core operations in 2025. Conservative investors might wait for clearer signs of sustainable profitability.