2018 Q1 Form 10-Q Financial Statement

#000103544318000087 Filed on May 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q1
Revenue $320.1M $298.8M $270.9M
YoY Change 18.19% 19.92% 25.35%
Cost Of Revenue $91.80M $88.10M $77.10M
YoY Change 19.07% 20.36% 17.17%
Gross Profit $228.4M $210.7M $193.8M
YoY Change 17.85% 19.78% 28.94%
Gross Profit Margin 71.34% 70.52% 71.55%
Selling, General & Admin $22.40M $18.90M $19.20M
YoY Change 16.67% 8.0% 26.32%
% of Gross Profit 9.81% 8.97% 9.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $114.2M $107.7M $97.20M
YoY Change 17.49% 13.13% 37.09%
% of Gross Profit 50.0% 51.12% 50.15%
Operating Expenses $136.6M $126.6M $116.4M
YoY Change 17.35% 12.33% 35.19%
Operating Profit $91.80M $84.10M $77.40M
YoY Change 18.6% 33.07% 20.56%
Interest Expense $36.92M -$35.70M $29.78M
YoY Change 23.94% 14.79% 19.83%
% of Operating Profit 40.21% -42.45% 38.48%
Other Income/Expense, Net
YoY Change
Pretax Income $141.5M $45.60M $47.60M
YoY Change 197.27% 130.3% 376.0%
Income Tax
% Of Pretax Income
Net Earnings $135.6M $39.40M $41.71M
YoY Change 225.17% 157.52% 602.68%
Net Earnings / Revenue 42.37% 13.19% 15.4%
Basic Earnings Per Share $1.33 $0.39 $0.29
Diluted Earnings Per Share $1.32 $0.38 $0.29
COMMON SHARES
Basic Shares Outstanding 99.86M shares 95.72M shares 88.15M shares
Diluted Shares Outstanding 100.1M shares 88.20M shares

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $946.0M $777.6M $545.7M
YoY Change 73.35% 66.34% -4.63%
Cash & Equivalents $221.6M $254.4M $151.2M
Short-Term Investments $724.3M $523.3M $394.5M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $11.00M $10.00M $10.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $233.0M $264.0M $161.0M
YoY Change 44.72% 95.56% 3.21%
LONG-TERM ASSETS
Property, Plant & Equipment $10.90M $11.07M $12.30M
YoY Change -11.38% -13.78% -13.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $894.0M $634.0M $445.0M
YoY Change 100.9% 61.32% 0.45%
Other Assets $780.0M $679.0M $585.0M
YoY Change 33.33% 23.91% 17.0%
Total Long-Term Assets $12.59B $11.84B $10.71B
YoY Change 17.56% 15.85% 21.46%
TOTAL ASSETS
Total Short-Term Assets $233.0M $264.0M $161.0M
Total Long-Term Assets $12.59B $11.84B $10.71B
Total Assets $12.82B $12.10B $10.87B
YoY Change 17.97% 16.89% 21.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $370.0M $350.0M $391.0M
YoY Change -5.37% -4.37% 46.99%
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 $463.0M $442.0M $470.0M
YoY Change -1.49% -0.23% 42.42%
LONG-TERM LIABILITIES
Long-Term Debt $5.211B $4.765B $4.561B
YoY Change 14.25% 14.43% 11.49%
Other Long-Term Liabilities $414.0M $414.0M $392.0M
YoY Change 5.61% 13.42% 8.29%
Total Long-Term Liabilities $5.625B $5.179B $4.953B
YoY Change 13.57% 14.35% 11.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $463.0M $442.0M $470.0M
Total Long-Term Liabilities $5.625B $5.179B $4.953B
Total Liabilities $6.088B $5.621B $5.422B
YoY Change 12.27% 13.03% 13.34%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.007M $998.0K $899.0K
YoY Change 12.01% 13.8% 23.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.195B $5.950B $4.952B
YoY Change
Total Liabilities & Shareholders Equity $12.82B $12.10B $10.87B
YoY Change 17.97% 16.89% 21.15%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q1
OPERATING ACTIVITIES
Net Income $135.6M $39.40M $41.71M
YoY Change 225.17% 157.52% 602.68%
Depreciation, Depletion And Amortization $114.2M $107.7M $97.20M
YoY Change 17.49% 13.13% 37.09%
Cash From Operating Activities $128.9M $93.70M $107.6M
YoY Change 19.77% -6.86% 5.76%
INVESTING ACTIVITIES
Capital Expenditures -$509.6M -$317.5M -$436.1M
YoY Change 16.85% -64.84% 173.42%
Acquisitions $339.4M $86.45M $218.5M
YoY Change 55.33%
Other Investing Activities -$88.50M -$105.9M -$32.20M
YoY Change 174.84% -187.09% 177.59%
Cash From Investing Activities -$598.0M -$423.3M -$468.4M
YoY Change 27.69% -45.82% 173.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $99.37M $217.8M
YoY Change -54.37% 761.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $451.3M 460.4M $388.7M
YoY Change 16.11% -28.93% 328.17%
NET CHANGE
Cash From Operating Activities $128.9M 93.70M $107.6M
Cash From Investing Activities -$598.0M -423.3M -$468.4M
Cash From Financing Activities $451.3M 460.4M $388.7M
Net Change In Cash -$18.20M 130.8M $27.98M
YoY Change -165.07% -497.57% 30.49%
FREE CASH FLOW
Cash From Operating Activities $128.9M $93.70M $107.6M
Capital Expenditures -$509.6M -$317.5M -$436.1M
Free Cash Flow $638.5M $411.2M $543.7M
YoY Change 17.43% -59.02% 108.11%

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10212000 USD
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99855000 shares
CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and basis of presentation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&amp;P 500</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> company, is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations. As used in this </font><font style="font-family:inherit;font-size:10pt;">quarterly report</font><font style="font-family:inherit;font-size:10pt;"> on Form </font><font style="font-family:inherit;font-size:10pt;">10&#8209;Q</font><font style="font-family:inherit;font-size:10pt;">, references to the &#8220;Company,&#8221; &#8220;Alexandria,&#8221; &#8220;ARE,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. The accompanying unaudited consolidated financial statements include the accounts of Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have prepared the accompanying interim consolidated financial statements in accordance with GAAP and in conformity with the rules&#160;and regulations of the SEC. In our opinion, the interim consolidated financial statements presented herein reflect all adjustments, of a normal recurring nature, that are necessary to fairly present the interim consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our annual report on Form&#160;10&#8209;K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;">Any references to our market capitalization, number or quality of buildings, quality of location, square footage, number of leases, occupancy percentage, and tenants, and any amounts derived from these values in the notes to consolidated financial statements, are outside the scope of our independent registered public accounting firm&#8217;s interim review.</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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and equity; the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements; and the amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.</font></div></div>

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