2016 Q1 Form 10-Q Financial Statement

#000156240116000081 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $195.0M $131.7M
YoY Change 47.98% 70.49%
Cost Of Revenue $85.40M $59.90M
YoY Change 42.57% 56.4%
Gross Profit $109.6M $71.80M
YoY Change 52.65% 84.1%
Gross Profit Margin 56.22% 54.5%
Selling, General & Admin $8.600M $6.800M
YoY Change 26.47% 21.43%
% of Gross Profit 7.85% 9.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $69.52M $53.66M
YoY Change 29.54% 52.75%
% of Gross Profit 63.43% 74.74%
Operating Expenses $201.3M $142.0M
YoY Change 41.81% 75.27%
Operating Profit -$91.73M -$70.17M
YoY Change 30.72% 67.07%
Interest Expense $30.98M $15.67M
YoY Change 97.68% 943.28%
% of Operating Profit
Other Income/Expense, Net $11.20M $2.000M
YoY Change 460.0% -162.5%
Pretax Income $5.000M -$8.300M
YoY Change -160.24% 20.29%
Income Tax
% Of Pretax Income
Net Earnings $5.028M -$8.265M
YoY Change -160.83% 19.18%
Net Earnings / Revenue 2.58% -6.27%
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$0.02 -$57.68K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 219.2M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.40M $115.7M
YoY Change -38.29% 12.11%
Cash & Equivalents $71.44M $115.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $17.00M $11.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $88.40M $127.0M
YoY Change -30.39% 16.09%
LONG-TERM ASSETS
Property, Plant & Equipment $7.561B $6.037B
YoY Change 25.24% 43.11%
Goodwill $120.7M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $273.7M $265.9M
YoY Change 2.93% 312.25%
Total Long-Term Assets $8.009B $6.450B
YoY Change 24.18% 46.1%
TOTAL ASSETS
Total Short-Term Assets $88.40M $127.0M
Total Long-Term Assets $8.009B $6.450B
Total Assets $8.098B $6.577B
YoY Change 23.13% 45.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $100.0K
YoY Change 0.0% -94.74%
Accrued Expenses $133.8M $94.10M
YoY Change 42.19% 20.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $200.9M $143.9M
YoY Change 39.61% 20.52%
LONG-TERM LIABILITIES
Long-Term Debt $3.393B $2.165B
YoY Change 56.75% 222.62%
Other Long-Term Liabilities $63.10M $128.1M
YoY Change -50.74% 28.74%
Total Long-Term Liabilities $3.457B $2.293B
YoY Change 50.75% 197.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $200.9M $143.9M
Total Long-Term Liabilities $3.457B $2.293B
Total Liabilities $3.657B $3.154B
YoY Change 15.95% 254.45%
SHAREHOLDERS EQUITY
Retained Earnings -$313.4M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.687B $3.422B
YoY Change
Total Liabilities & Shareholders Equity $8.098B $6.577B
YoY Change 23.13% 45.37%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $5.028M -$8.265M
YoY Change -160.83% 19.18%
Depreciation, Depletion And Amortization $69.52M $53.66M
YoY Change 29.54% 52.75%
Cash From Operating Activities $68.57M $28.91M
YoY Change 137.16% -38.73%
INVESTING ACTIVITIES
Capital Expenditures -$4.500M -$6.500M
YoY Change -30.77%
Acquisitions
YoY Change
Other Investing Activities -$364.2M -$366.7M
YoY Change -0.68% -3.27%
Cash From Investing Activities -$368.7M -$373.2M
YoY Change -1.2% -1.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $76.04M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $334.7M $351.2M
YoY Change -4.7% 22.72%
NET CHANGE
Cash From Operating Activities $68.57M $28.91M
Cash From Investing Activities -$368.7M -$373.2M
Cash From Financing Activities $334.7M $351.2M
Net Change In Cash $34.55M $6.906M
YoY Change 400.32% -115.1%
FREE CASH FLOW
Cash From Operating Activities $68.57M $28.91M
Capital Expenditures -$4.500M -$6.500M
Free Cash Flow $73.07M $35.41M
YoY Change 106.34%

Facts In Submission

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CY2015Q4 us-gaap Security Deposit Liability
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CY2016Q1 us-gaap Security Deposit Liability
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CY2015Q1 us-gaap Share Based Compensation
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CY2016Q1 us-gaap Share Based Compensation
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CY2016Q1 us-gaap Stockholders Equity
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CY2016Q1 us-gaap Unrealized Gain Loss On Hybrid Instrument Net
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CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2016Q1 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:underline;"></font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:bold;text-decoration:underline;">Organization and Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">American Homes 4 Rent (the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221;) is a Maryland real estate investment trust (&#8220;REIT&#8221;) formed on October&#160;19, 2012. We are focused on acquiring, renovating, leasing and operating single-family homes as rental properties. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, the Company held </font><font style="font-family:inherit;font-size:10pt;">47,955</font><font style="font-family:inherit;font-size:10pt;"> single-family properties in </font><font style="font-family:inherit;font-size:10pt;">22</font><font style="font-family:inherit;font-size:10pt;"> states, including </font><font style="font-family:inherit;font-size:10pt;">1,581</font><font style="font-family:inherit;font-size:10pt;"> properties held for sale.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From our formation through June&#160;10, 2013, we were externally managed and advised by American Homes 4 Rent Advisor, LLC (the &#8220;Advisor&#8221;) and the leasing, managing and advertising of our properties was overseen and directed by American Homes 4 Rent Management Holdings, LLC (the &#8220;Property Manager&#8221;), both of which were subsidiaries of American Homes 4 Rent, LLC (&#8220;AH LLC&#8221;). On June&#160;10, 2013, we acquired the Advisor and the Property Manager from AH LLC in exchange for </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">4,375,000</font><font style="font-family:inherit;font-size:10pt;"> Series&#160;D units and </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">4,375,000</font><font style="font-family:inherit;font-size:10pt;"> Series&#160;E units in American Homes 4 Rent, L.P. (the &#8220;operating partnership&#8221;) (the &#8220;Management Internalization&#8221;). Under the terms of the contribution agreement, all administrative, financial, property management, marketing and leasing personnel, including executive management, became fully dedicated to us. Since the date of the Management Internalization, the Company has consolidated the Advisor and the Property Manager and the results of these operations are reflected in the condensed consolidated financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior to the Management Internalization, AH LLC exercised control over the Company through the contractual rights provided to the Advisor through an advisory management agreement. Accordingly, the contribution of certain properties by AH LLC to the Company prior to the Management Internalization have been deemed to be transactions between entities under common control, and as such, the accounts relating to the properties contributed have been recorded by us as if they had been acquired by us on the dates such properties were acquired by AH LLC. Accordingly, the condensed consolidated financial statements include AH LLC&#8217;s historical carrying values of the properties that had been acquired by AH LLC.</font></div></div>

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