2018 Q3 Form 10-Q Financial Statement

#000147604518000080 Filed on October 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $88.90M $81.40M
YoY Change 9.2% 2.1%
Cost Of Revenue $45.55M $40.86M
YoY Change 11.47% 130.6%
Gross Profit $43.35M $40.54M
YoY Change 6.92% -34.63%
Gross Profit Margin 48.76% 49.8%
Selling, General & Admin $35.10M $31.70M
YoY Change 10.73% 3.9%
% of Gross Profit 80.97% 78.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.96M $10.94M
YoY Change 9.31% -8.78%
% of Gross Profit 27.6% 26.99%
Operating Expenses $68.52M $61.79M
YoY Change 10.9% 2.51%
Operating Profit $20.38M $20.36M
YoY Change 0.07% 4.64%
Interest Expense $6.708M $7.065M
YoY Change -5.05% -0.24%
% of Operating Profit 32.92% 34.7%
Other Income/Expense, Net
YoY Change
Pretax Income $14.69M $14.49M
YoY Change 1.37% 7.88%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $14.58M $14.39M
YoY Change 1.31% 7.76%
Net Earnings / Revenue 16.4% 17.68%
Basic Earnings Per Share $0.31 $0.36
Diluted Earnings Per Share $0.31 $0.36
COMMON SHARES
Basic Shares Outstanding 46.15M shares 39.30M shares
Diluted Shares Outstanding 46.38M shares 39.55M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.30M $11.30M
YoY Change -8.85% -16.3%
Cash & Equivalents $10.27M $11.28M
Short-Term Investments
Other Short-Term Assets $3.800M $4.400M
YoY Change -13.64% 4.76%
Inventory
Prepaid Expenses
Receivables $6.400M $7.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.50M $23.40M
YoY Change -12.39% -6.4%
LONG-TERM ASSETS
Property, Plant & Equipment $1.329B $1.263B
YoY Change 5.18% 1.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $50.90M $53.10M
YoY Change -4.14% 15.69%
Other Assets $5.200M $4.900M
YoY Change 6.12% 0.0%
Total Long-Term Assets $1.385B $1.321B
YoY Change 4.8% 2.35%
TOTAL ASSETS
Total Short-Term Assets $20.50M $23.40M
Total Long-Term Assets $1.385B $1.321B
Total Assets $1.405B $1.345B
YoY Change 4.5% 2.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.40M $32.80M
YoY Change 10.98% 7.19%
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 $42.00M $38.00M
YoY Change 10.53% 7.65%
LONG-TERM LIABILITIES
Long-Term Debt $533.0M $602.1M
YoY Change -11.48% 3.06%
Other Long-Term Liabilities $8.000M $6.000M
YoY Change 33.33% 13.21%
Total Long-Term Liabilities $541.0M $608.1M
YoY Change -11.03% 3.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.00M $38.00M
Total Long-Term Liabilities $541.0M $608.1M
Total Liabilities $582.9M $646.1M
YoY Change -9.78% 3.4%
SHAREHOLDERS EQUITY
Retained Earnings -$83.76M -$60.10M
YoY Change 39.37% 68.23%
Common Stock $896.6M $752.5M
YoY Change 19.15% 4.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $812.9M $692.4M
YoY Change
Total Liabilities & Shareholders Equity $1.405B $1.345B
YoY Change 4.5% 2.18%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $14.58M $14.39M
YoY Change 1.31% 7.76%
Depreciation, Depletion And Amortization $11.96M $10.94M
YoY Change 9.31% -8.78%
Cash From Operating Activities $33.44M $29.96M
YoY Change 11.62% -0.96%
INVESTING ACTIVITIES
Capital Expenditures -$31.60M -$58.52M
YoY Change -46.0% 997.94%
Acquisitions
YoY Change
Other Investing Activities $1.030M $1.280M
YoY Change -19.53% 966.67%
Cash From Investing Activities -$30.56M -$57.24M
YoY Change -46.61% 1000.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -180.0K 28.44M
YoY Change -100.63% -205.76%
NET CHANGE
Cash From Operating Activities 33.44M 29.96M
Cash From Investing Activities -30.56M -57.24M
Cash From Financing Activities -180.0K 28.44M
Net Change In Cash 2.700M 1.160M
YoY Change 132.76% -163.04%
FREE CASH FLOW
Cash From Operating Activities $33.44M $29.96M
Capital Expenditures -$31.60M -$58.52M
Free Cash Flow $65.04M $88.48M
YoY Change -26.49% 148.68%

Facts In Submission

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us-gaap Increase Decrease In Accounts And Notes Receivable
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0 USD
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2017Q3 us-gaap Initial Franchise Fees
InitialFranchiseFees
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us-gaap Initial Franchise Fees
InitialFranchiseFees
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CY2018Q3 us-gaap Initial Franchise Fees
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us-gaap Initial Franchise Fees
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us-gaap Investment Income Interest And Dividend
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CY2018Q3 us-gaap Investment Income Interest And Dividend
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us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
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CY2017Q4 us-gaap Land
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CY2018Q3 us-gaap Land
Land
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CY2017Q4 us-gaap Liabilities
Liabilities
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CY2018Q3 us-gaap Liabilities
Liabilities
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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1392216000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
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1405086000 USD
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
1
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
32000000 USD
CY2018Q3 us-gaap Line Of Credit
LineOfCredit
30000000 USD
CY2017Q4 us-gaap Long Term Debt
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CY2018Q3 us-gaap Long Term Debt
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502950000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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39954000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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21945000 USD
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
721000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
878000 USD
CY2017Q4 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
6618000 USD
CY2018Q3 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
9315000 USD
CY2018Q3 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9590000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-28793000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
66608000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
71431000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
14392000 USD
us-gaap Net Income Loss
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24055000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
14580000 USD
us-gaap Net Income Loss
NetIncomeLoss
30813000 USD
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
101000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
167000 USD
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
111000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
231000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14328000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23884000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14499000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
30584000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
62593000 USD
us-gaap Operating Expenses
OperatingExpenses
190120000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
954000 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
7500000 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
69851000 USD
us-gaap Operating Expenses
OperatingExpenses
200754000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
20360000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
46047000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
38740000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
43311000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
20375000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
49777000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
812000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
515000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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49864000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
21046000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
5037000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
0 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
21524000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
23309000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
2523000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
3757000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
29736000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
24361000 USD
us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
82000000 USD
us-gaap Proceeds From Secured Lines Of Credit
ProceedsFromSecuredLinesOfCredit
83000000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
14493000 USD
us-gaap Profit Loss
ProfitLoss
24222000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
14691000 USD
us-gaap Profit Loss
ProfitLoss
31044000 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
188154000 USD
CY2018Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
223865000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1508236000 USD
CY2018Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1552425000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
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1320082000 USD
CY2018Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1328560000 USD
CY2017Q4 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
24389000 USD
CY2018Q3 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
22542000 USD
CY2017Q3 us-gaap Real Estate Taxes And Insurance
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5349000 USD
us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
15710000 USD
CY2018Q3 us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
5919000 USD
us-gaap Real Estate Taxes And Insurance
RealEstateTaxesAndInsurance
17874000 USD
CY2017Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
2700000 USD
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
8200000 USD
CY2018Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
2900000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
59500000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
85000000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3094000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3638000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
27166000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
28383000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-69018000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-83758000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
82953000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
233431000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
90226000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
250531000 USD
CY2017Q4 us-gaap Secured Debt
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CY2018Q3 us-gaap Secured Debt
SecuredDebt
532950000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2785000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3162000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1405529 shares
CY2017Q1 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
23980 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
21670 shares
us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
500000 USD
us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
500000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
28924000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
23847000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
803162000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
812863000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
681590000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
698430000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
809780000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
822178000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39550494 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38960455 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46384969 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46078558 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39298974 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38731900 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46149765 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45925178 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">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 financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</font></div></div>

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