2018 Q2 Form 10-Q Financial Statement

#000123258218000024 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $389.2M $342.2M $353.7M
YoY Change -0.39% -3.25% -3.82%
Cost Of Revenue $235.0M $216.7M $244.9M
YoY Change -7.52% -11.53% -2.66%
Gross Profit $154.2M $125.5M $108.8M
YoY Change 12.94% 15.38% -6.29%
Gross Profit Margin 39.62% 36.68% 30.76%
Selling, General & Admin $24.30M $17.70M $15.80M
YoY Change 38.86% 12.03% 25.4%
% of Gross Profit 15.76% 14.1% 14.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.60M $63.05M $64.70M
YoY Change 6.78% -2.55% 4.08%
% of Gross Profit 41.9% 50.22% 59.47%
Operating Expenses $90.90M $82.30M $80.60M
YoY Change 16.39% 2.11% 7.75%
Operating Profit $43.45M $23.25M $28.18M
YoY Change -40.14% -17.48% -31.94%
Interest Expense -$58.30M -$54.80M -$57.80M
YoY Change -0.85% -5.19% 10.1%
% of Operating Profit -134.19% -235.67% -205.12%
Other Income/Expense, Net $206.0K $76.00K -$3.120M
YoY Change -241.1% -102.44% 1138.1%
Pretax Income -$20.38M -$33.54M -$32.78M
YoY Change -269.34% 2.29% 184.82%
Income Tax $2.973M -$886.0K -$846.0K
% Of Pretax Income
Net Earnings -$18.31M -$26.27M -$25.41M
YoY Change -279.75% 3.38% 154.41%
Net Earnings / Revenue -4.7% -7.68% -7.18%
Basic Earnings Per Share -$0.30 -$0.39 -$0.39
Diluted Earnings Per Share -$0.30 -$0.39 -$0.39
COMMON SHARES
Basic Shares Outstanding 98.64M shares 97.38M shares 94.84M shares
Diluted Shares Outstanding 96.89M shares 95.37M shares 94.84M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $417.4M $277.7M $306.7M
YoY Change 3.21% -9.46% 35.17%
Cash & Equivalents $417.4M $277.7M $306.7M
Short-Term Investments
Other Short-Term Assets $23.10M $29.30M $24.70M
YoY Change -4.15% 18.62% 8.81%
Inventory $4.277M $4.270M $4.494M
Prepaid Expenses
Receivables $78.70M $76.10M $82.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $523.5M $387.4M $418.2M
YoY Change 2.87% -7.36% 26.96%
LONG-TERM ASSETS
Property, Plant & Equipment $4.110B $4.035B $4.153B
YoY Change 1.0% -2.85% -5.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.204M $3.034M $7.724M
YoY Change -24.74% -60.72% -87.33%
Other Assets $138.2M $147.6M $168.1M
YoY Change -9.91% -12.2% 1.39%
Total Long-Term Assets $4.308B $4.250B $4.404B
YoY Change 0.85% -3.5% -5.46%
TOTAL ASSETS
Total Short-Term Assets $523.5M $387.4M $418.2M
Total Long-Term Assets $4.308B $4.250B $4.404B
Total Assets $4.832B $4.637B $4.823B
YoY Change 1.06% -3.84% -3.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.60M $15.00M $18.40M
YoY Change 15.08% -18.48% 35.29%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.80M $170.0M $183.2M
YoY Change -72.51% -7.21% 364.97%
LONG-TERM LIABILITIES
Long-Term Debt $3.948B $3.713B $3.720B
YoY Change 6.75% -0.19% -4.1%
Other Long-Term Liabilities $35.40M $42.50M $33.70M
YoY Change 2.61% 26.11% 0.9%
Total Long-Term Liabilities $3.983B $3.755B $3.754B
YoY Change 6.71% 0.04% -4.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.80M $170.0M $183.2M
Total Long-Term Liabilities $3.983B $3.755B $3.754B
Total Liabilities $4.173B $3.940B $3.955B
YoY Change 6.33% -0.38% -3.35%
SHAREHOLDERS EQUITY
Retained Earnings -$1.284B -$1.207B -$1.010B
YoY Change 25.93% 19.55% 21.86%
Common Stock $986.0K $987.0K $970.0K
YoY Change 1.23% 1.75% 1.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $511.6M $583.7M $755.2M
YoY Change
Total Liabilities & Shareholders Equity $4.832B $4.637B $4.823B
YoY Change 1.06% -3.84% -3.32%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$18.31M -$26.27M -$25.41M
YoY Change -279.75% 3.38% 154.41%
Depreciation, Depletion And Amortization $64.60M $63.05M $64.70M
YoY Change 6.78% -2.55% 4.08%
Cash From Operating Activities $82.30M $16.66M $39.54M
YoY Change -14.0% -57.86% -20.89%
INVESTING ACTIVITIES
Capital Expenditures -$165.4M -$64.10M -$56.80M
YoY Change 209.74% 12.85% 39.56%
Acquisitions $110.0K $0.00
YoY Change
Other Investing Activities $30.40M $10.40M $65.20M
YoY Change -67.06% -84.05% 12940.0%
Cash From Investing Activities -$135.0M -$53.67M $8.388M
YoY Change -446.15% -739.87% -120.9%
FINANCING ACTIVITIES
Cash Dividend Paid $23.17M $24.22M
YoY Change -4.32% 6.8%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 190.4M -$20.02M -$68.47M
YoY Change -468.99% -70.76% -756.97%
NET CHANGE
Cash From Operating Activities 82.30M $16.66M $39.54M
Cash From Investing Activities -135.0M -$53.67M $8.388M
Cash From Financing Activities 190.4M -$20.02M -$68.47M
Net Change In Cash 137.7M -$57.03M -$20.54M
YoY Change 65.7% 177.63% -201.36%
FREE CASH FLOW
Cash From Operating Activities $82.30M $16.66M $39.54M
Capital Expenditures -$165.4M -$64.10M -$56.80M
Free Cash Flow $247.7M $80.76M $96.34M
YoY Change 66.13% -16.17% 6.24%

Facts In Submission

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3700000000 USD
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64698000 USD
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63047000 USD
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64698000 USD
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63047000 USD
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2010000 USD
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2388000 USD
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2010000 USD
CY2018Q1 us-gaap Derivative Fair Value Of Derivative Asset
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2388000 USD
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216671000 USD
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0 USD
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1000 USD
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25045000 USD
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CY2018Q1 us-gaap Due From Related Parties
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2140000 USD
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1067000 USD
CY2018Q1 us-gaap Due To Related Parties Current And Noncurrent
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CY2017Q1 us-gaap Equity Method Investment Other Than Temporary Impairment
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CY2018Q1 us-gaap Equity Method Investment Other Than Temporary Impairment
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2955000 USD
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3034000 USD
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9913000 USD
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612000 USD
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401000 USD
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-32783000 USD
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660000 USD
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1258000 USD
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7273000 USD
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Land
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CY2018Q1 us-gaap Land
Land
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CY2018Q1 us-gaap Liabilities
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CY2018Q1 us-gaap Liabilities And Stockholders Equity
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0 USD
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CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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353321000 USD
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CY2018Q1 us-gaap Occupancy Costs
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651000 USD
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19000 USD
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6000 USD
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267000 USD
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64000 USD
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112967000 USD
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353709000 USD
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342207000 USD
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341228000 USD
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353709000 USD
CY2018Q1 us-gaap Revenues
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CY2017Q1 us-gaap Share Based Compensation
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CY2018Q1 us-gaap Share Based Compensation
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35976000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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0 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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123000 USD
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1462000 USD
CY2017Q4 us-gaap Stockholders Equity
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632500000 USD
CY2018Q1 us-gaap Stockholders Equity
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633146000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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584259000 USD
CY2017Q1 us-gaap Unrealized Gain Loss On Derivatives
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1418000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives
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329000 USD
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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94840000 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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95367000 shares
CY2017Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
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54000 USD
CY2018Q1 us-gaap Write Off Of Deferred Debt Issuance Cost
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2050000 USD
CY2018Q1 us-gaap Revenue Recognition Sales Of Services
RevenueRecognitionSalesOfServices
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Rooms revenue represents revenue from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged.&#160;Rooms revenue includes revenue for guest no-shows, day use,&#160;and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized&#160;as services are provided&#160;over the course of the hotel stay.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Food &amp; Beverage (&#8220;F&amp;B&#8221;) revenue consists of&#160;revenue&#160;from the restaurants and lounges at our hotel properties, In-room dining and mini-bars revenue,&#160;and banquet/catering&#160;revenue from group&#160;and social functions.&#160;Other F&amp;B&#160;revenue may include revenue from&#160;audio-visual equipment/services, rental of function rooms, and other F&amp;B related revenue.&#160;Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenue as appropriate (i.e. gross vs. net).</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, resort and destination fees, spas,&#160;parking,&#160;entertainment and other guest services, as well as rental revenue; primarily consisting of leased retail outlets at our hotel properties. Attrition and cancellation fees are recognized for non-cancellable deposits when the customer provides notification of cancellation within&#160;established management policy time frames.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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