2016 Q2 Form 10-Q Financial Statement

#000091061216000135 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $255.0M $253.8M
YoY Change 0.44% -1.2%
Cost Of Revenue $65.70M $67.80M
YoY Change -3.1% -3.42%
Gross Profit $189.3M $186.0M
YoY Change 1.77% -0.37%
Gross Profit Margin 74.25% 73.27%
Selling, General & Admin $16.50M $16.20M
YoY Change 1.85% 43.36%
% of Gross Profit 8.72% 8.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.21M $71.24M
YoY Change 1.36% 0.89%
% of Gross Profit 38.14% 38.3%
Operating Expenses $202.9M $164.0M
YoY Change 23.74% 2.7%
Operating Profit $52.06M $89.86M
YoY Change -42.07% -7.6%
Interest Expense $53.19M $58.75M
YoY Change -9.48% -0.88%
% of Operating Profit 102.17% 65.39%
Other Income/Expense, Net
YoY Change
Pretax Income $73.00M $50.80M
YoY Change 43.7% 13.14%
Income Tax -$51.00K $2.472M
% Of Pretax Income -0.07% 4.87%
Net Earnings $62.92M $41.90M
YoY Change 50.18% 10.37%
Net Earnings / Revenue 24.68% 16.5%
Basic Earnings Per Share $0.30 $0.18
Diluted Earnings Per Share $0.30 $0.18
COMMON SHARES
Basic Shares Outstanding 170.8M shares 170.5M shares
Diluted Shares Outstanding 170.8M shares 170.5M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.10M $30.60M
YoY Change -31.05% -51.81%
Cash & Equivalents $21.14M $30.60M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $99.90M $83.30M
Other Receivables $16.70M $21.60M
Total Short-Term Assets $137.7M $135.5M
YoY Change 1.62% -16.41%
LONG-TERM ASSETS
Property, Plant & Equipment $5.599B $6.050B
YoY Change -7.46% 0.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $275.1M $280.5M
YoY Change -1.91% 3.16%
Other Assets $65.30M $2.700M
YoY Change 2318.52%
Total Long-Term Assets $6.142B $6.567B
YoY Change -6.46% 0.42%
TOTAL ASSETS
Total Short-Term Assets $137.7M $135.5M
Total Long-Term Assets $6.142B $6.567B
Total Assets $6.280B $6.702B
YoY Change -6.3% 0.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $284.2M $327.2M
YoY Change -13.14% 3.77%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $284.2M $327.2M
YoY Change -13.14% 3.77%
LONG-TERM LIABILITIES
Long-Term Debt $4.541B $4.834B
YoY Change -6.08% 0.49%
Other Long-Term Liabilities $38.20M
YoY Change
Total Long-Term Liabilities $4.579B $4.834B
YoY Change -5.29% 0.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $284.2M $327.2M
Total Long-Term Liabilities $4.579B $4.834B
Total Liabilities $4.863B $5.161B
YoY Change -5.78% 0.69%
SHAREHOLDERS EQUITY
Retained Earnings -$699.0M -$591.5M
YoY Change 18.17% 1.39%
Common Stock $1.708M $1.705M
YoY Change 0.18% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.274B $1.369B
YoY Change
Total Liabilities & Shareholders Equity $6.280B $6.702B
YoY Change -6.3% 0.01%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $62.92M $41.90M
YoY Change 50.18% 10.37%
Depreciation, Depletion And Amortization $72.21M $71.24M
YoY Change 1.36% 0.89%
Cash From Operating Activities $128.4M $113.7M
YoY Change 12.93% -4.61%
INVESTING ACTIVITIES
Capital Expenditures -$69.00M -$242.9M
YoY Change -71.59% 295.6%
Acquisitions
YoY Change
Other Investing Activities $99.50M $10.00M
YoY Change 895.0% 42.86%
Cash From Investing Activities $30.50M -$232.8M
YoY Change -113.1% 327.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -162.8M 111.8M
YoY Change -245.62% -294.43%
NET CHANGE
Cash From Operating Activities 128.4M 113.7M
Cash From Investing Activities 30.50M -232.8M
Cash From Financing Activities -162.8M 111.8M
Net Change In Cash -3.900M -7.300M
YoY Change -46.58% -200.0%
FREE CASH FLOW
Cash From Operating Activities $128.4M $113.7M
Capital Expenditures -$69.00M -$242.9M
Free Cash Flow $197.4M $356.6M
YoY Change -44.64% 97.45%

Facts In Submission

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26623000 USD
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11790000 USD
us-gaap Cost Of Property Repairs And Maintenance
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26338000 USD
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153000 USD
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us-gaap Deferred Federal Income Tax Expense Benefit
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153000 USD
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672000 USD
us-gaap Depreciation And Amortization
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147505000 USD
us-gaap Depreciation And Amortization
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71239000 USD
us-gaap Depreciation Depletion And Amortization
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147505000 USD
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72205000 USD
us-gaap Depreciation Depletion And Amortization
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us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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CY2016Q2 us-gaap Dividends Payable Current And Noncurrent
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us-gaap Earnings Per Share Diluted
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P3Y1M20D
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EquityMethodInvestments
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EquityMethodInvestments
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256000 USD
us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
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us-gaap Equity Method Investment Summarized Financial Information Revenue
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0 USD
us-gaap Gain Loss On Investments
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16560000 USD
CY2016Q2 us-gaap Gain Loss On Investments
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us-gaap Gain Loss On Investments
GainLossOnInvestments
0 USD
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256000 USD
us-gaap Gains Losses On Extinguishment Of Debt
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256000 USD
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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6000 USD
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14173000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
14930000 USD
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9577000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
9577000 USD
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14930000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
9577000 USD
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us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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16475000 USD
us-gaap General And Administrative Expense
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33643000 USD
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us-gaap Impairment Of Real Estate
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2781000 USD
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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8704000 USD
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1556000 USD
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us-gaap Income Tax Expense Benefit
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2960000 USD
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833000 USD
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5616000 USD
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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Land
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19830000 USD
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19163000 USD
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1990738000 USD
CY2016Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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327669000 USD
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596563000 USD
CY2016Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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126468000 USD
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710542000 USD
CY2016Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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842315000 USD
CY2015Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
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3485308000 USD
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3359851000 USD
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1241379000 USD
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1234099000 USD
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3 claim
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16452000 USD
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16250000 USD
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us-gaap Management Fees Revenue
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5441000 USD
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4067000 USD
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2314000 USD
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28365000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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219393000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Accounting Guidance Adopted</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2015-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Amendments to the Consolidation Analysis</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2015-02"). The guidance modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminated the presumption that a general partner should consolidate a limited partnership and affected the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 was effective for annual periods beginning after December&#160;15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in </font><a style="font-family:inherit;font-size:10pt;" href="#sD99650520BFC5EDB8B0D9A97F6CBB436"><font style="font-family:inherit;font-size:10pt;">Note 5</font></a><font style="font-family:inherit;font-size:10pt;"> but did not alter any of the Company's consolidation conclusions. The adoption of the guidance did not have an impact on the Company's consolidated financial statements other than the additional disclosures that were noted. &#160;&#160;&#160;&#160; </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Accounting Guidance Not Yet Effective</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. In August 2015, the FASB issued ASU 2015-14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Deferral of the Effective Date</font><font style="font-family:inherit;font-size:10pt;">, which allows an additional one year deferral of ASU 2014-09. As a result, ASU&#160;2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. In March 2016, the FASB issued ASU 2016-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-08")</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font><font style="font-family:inherit;font-size:10pt;">The guidance in ASU 2016-08 clarifies the implementation of ASU 2014-09 on principal versus agent consideration</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">and has the same effective date as ASU 2014-09, as deferred by ASU 2015-14. During the quarter ended June 30, 2016, the FASB issued ASU 2016-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing</font><font style="font-family:inherit;font-size:10pt;">, ASU 2016-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, </font><font style="font-family:inherit;font-size:10pt;">and ASU 2016-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. </font><font style="font-family:inherit;font-size:10pt;">These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as ASU 2014-09, as deferred by ASU 2015-14. The Company is evaluating the impact that these updates may have on its consolidated financial statements and related disclosures.&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">("</font><font style="font-family:inherit;font-size:10pt;">ASU 2016-02"). The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU&#160;2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. The Company expects to adopt ASU 2016-02 as of January 1, 2019 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;"> ("ASU&#160;2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. The Company expects to adopt ASU 2016-09 as of January 1, 2017 and is currently assessing the potential impact of adopting the new guidance on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Measurement of Credit Losses on Financial Instruments </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-13"). The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are SEC filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures.</font></div></div>

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