How do you interpret annual membership subscriptions — deferred revenue?

A growing balance indicates strong customer retention and a healthy pipeline of future recognized revenue, whereas a declining balance may signal potential churn or reduced subscription renewals.

How does annual membership subscriptions — deferred revenue compare across companies?

Common across hospitality, REITs with membership models, and SaaS companies, this metric is a standard measure of unearned income and future revenue predictability.

Equity Lifestyle Properties ELS Annual membership subscriptions — Deferred Revenue

Discontinued — last reported Q2 '20

Similar metrics at other companies

BJMembership — Deferred Revenue

$195.3M+5.3%

YUMCPrivilege Membership Programs — Deferred Revenue

$40M+17.6%

HDeferred revenue related to the paid membership program — Total contract liabilities

$0-100%

BJDeferred membership fee income — Cash received from members

$117.11M+15.5%

VEEVSubscription services — Recognition of deferred revenue

$466M+20.7%

AHRResident Fees and Services — Contract with Customer, Liability

——

Other financials

Income statement

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Revenue$397.6M+2.7%

Operating income$112.4M+2.6%

Net income$111.5M-2.5%

EPS (diluted)$0.56-1.8%

Balance sheet

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Cash & equivalents$39.2M-17.4%

Total debt$24.0M-11.6%

Total equity$1.8B+0.7%

Total assets$5.7B+1.9%

Cash flow

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Operating cash flow$194.2M+0.4%

CapEx$45.3M+0.2%

Free cash flow$148.9M+0.5%

Valuation

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Market cap$12.06B-5.1%

P/E30.2×-2.9×

P/S7.8×-0.5×

Profitability

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Operating margin25.6%+1.0pp

Net margin25.9%+0.7pp

FCF margin21.7%-1.8pp

Returns & leverage

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Return on equity22.7%-1.3pp

Debt / equity0×0.0×

Where this comes from

Reported directly by Equity Lifestyle Properties in its filing.

Tagged under the XBRL concept us-gaap:IncreaseDecreaseInContractWithCustomerLiability.

The official record: Equity Lifestyle Properties’s 10-Q, filed July 28, 2020, on SEC EDGAR. View the filing →

Questions, answered.

What does annual membership subscriptions — deferred revenue mean?: The total value of membership subscriptions paid in advance that the company has yet to fulfill.
How do you interpret annual membership subscriptions — deferred revenue?: A growing balance indicates strong customer retention and a healthy pipeline of future recognized revenue, whereas a declining balance may signal potential churn or reduced subscription renewals.
How does annual membership subscriptions — deferred revenue compare across companies?: Common across hospitality, REITs with membership models, and SaaS companies, this metric is a standard measure of unearned income and future revenue predictability.