2018 Q2 Form 10-Q Financial Statement

#000162828018010188 Filed on August 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $38.97M $32.83M
YoY Change 18.7% 27.73%
Cost Of Revenue $744.0K
YoY Change
Gross Profit $38.23M
YoY Change
Gross Profit Margin 98.09%
Selling, General & Admin $6.370M $5.370M
YoY Change 18.62% 29.71%
% of Gross Profit 16.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.30M $9.300M
YoY Change 21.51% 17.72%
% of Gross Profit 29.56%
Operating Expenses $25.70M $34.34M
YoY Change -25.15% 90.02%
Operating Profit $12.52M
YoY Change
Interest Expense $7.285M $6.219M
YoY Change 17.14% 15.17%
% of Operating Profit 58.17%
Other Income/Expense, Net
YoY Change
Pretax Income $13.27M $2.030M
YoY Change 553.69% -73.39%
Income Tax
% Of Pretax Income
Net Earnings $13.27M $2.030M
YoY Change 553.55% -73.4%
Net Earnings / Revenue 34.05% 6.18%
Basic Earnings Per Share $0.17 $0.03
Diluted Earnings Per Share $0.17 $0.03
COMMON SHARES
Basic Shares Outstanding 76.37M shares 72.56M shares
Diluted Shares Outstanding 76.37M shares 72.56M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.60M $35.10M
YoY Change -66.95% 265.63%
Cash & Equivalents $11.56M $35.07M
Short-Term Investments
Other Short-Term Assets $5.000M $5.300M
YoY Change -5.66% 341.67%
Inventory
Prepaid Expenses
Receivables $9.000M $9.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.60M $49.80M
YoY Change -48.59% 234.23%
LONG-TERM ASSETS
Property, Plant & Equipment $1.185B $978.0M
YoY Change 21.18% 24.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.700M $5.200M
YoY Change 9.62% -42.22%
Other Assets $1.200M $2.300M
YoY Change -47.83% -30.3%
Total Long-Term Assets $1.186B $980.3M
YoY Change 21.01% 24.31%
TOTAL ASSETS
Total Short-Term Assets $25.60M $49.80M
Total Long-Term Assets $1.186B $980.3M
Total Assets $1.212B $1.030B
YoY Change 17.65% 28.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.50M $14.50M
YoY Change -13.79% 51.04%
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 $28.70M $28.50M
YoY Change 0.7% 46.91%
LONG-TERM LIABILITIES
Long-Term Debt $544.3M $393.5M
YoY Change 38.32% -6.78%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $544.3M $393.5M
YoY Change 38.32% -6.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.70M $28.50M
Total Long-Term Liabilities $544.3M $393.5M
Total Liabilities $573.1M $422.1M
YoY Change 35.78% -4.43%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $832.1M $782.8M
YoY Change 6.29% 51.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $638.7M $608.0M
YoY Change
Total Liabilities & Shareholders Equity $1.212B $1.030B
YoY Change 17.65% 28.2%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $13.27M $2.030M
YoY Change 553.55% -73.4%
Depreciation, Depletion And Amortization $11.30M $9.300M
YoY Change 21.51% 17.72%
Cash From Operating Activities $20.00M $24.70M
YoY Change -19.03% 88.55%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$42.70M
YoY Change -96.72% -44.11%
Acquisitions
YoY Change
Other Investing Activities -$2.600M $3.900M
YoY Change -166.67% -75.16%
Cash From Investing Activities -$4.000M -$38.80M
YoY Change -89.69% -35.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.70M 47.90M
YoY Change -139.04% -8.76%
NET CHANGE
Cash From Operating Activities 20.00M 24.70M
Cash From Investing Activities -4.000M -38.80M
Cash From Financing Activities -18.70M 47.90M
Net Change In Cash -2.700M 33.80M
YoY Change -107.99% 576.0%
FREE CASH FLOW
Cash From Operating Activities $20.00M $24.70M
Capital Expenditures -$1.400M -$42.70M
Free Cash Flow $21.40M $67.40M
YoY Change -68.25% -24.69%

Facts In Submission

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1390000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
233000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
702000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
34337000 USD
us-gaap Operating Expenses
OperatingExpenses
54664000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1211840000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
165000000 USD
CY2018Q2 us-gaap Line Of Credit
LineOfCredit
150000000 USD
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
558912000 USD
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
544338000 USD
CY2017Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
99517000 USD
CY2018Q2 us-gaap Long Term Loans Payable
LongTermLoansPayable
99564000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
76972000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1631000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-94307000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-39096000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
44901000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
42116000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
2030000 USD
us-gaap Net Income Loss
NetIncomeLoss
12311000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
25874000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
13267000 USD
us-gaap Net Income Loss
NetIncomeLoss
27874000 USD
CY2018Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
191 facility
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
25702000 USD
us-gaap Operating Expenses
OperatingExpenses
51247000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
1745626000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
137013000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
136713000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
136430000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
137507000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsReceivableRemainderOfFiscalYear
69388000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
1128575000 USD
CY2017Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
28511000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
55850000 USD
CY2018Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
34708000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
68524000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
320000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
217000 USD
us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
4335000 USD
us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
2250000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
24497000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
29628000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5511000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
600000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
866000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
47310000 USD
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
96641000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
895000 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
4972000 USD
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
0 USD
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
58000 USD
us-gaap Proceeds From Divestiture Of Real Estate Partnership
ProceedsFromDivestitureOfRealEstatePartnership
7500000 USD
us-gaap Proceeds From Divestiture Of Real Estate Partnership
ProceedsFromDivestitureOfRealEstatePartnership
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
170485000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
47547000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
598000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
506000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
13004000 USD
us-gaap Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
63000000 USD
us-gaap Proceeds From Unsecured Lines Of Credit
ProceedsFromUnsecuredLinesOfCredit
60000000 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
300000000 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
197334000 USD
CY2018Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
219027000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1349595000 USD
CY2018Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1386028000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1152261000 USD
CY2018Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1167001000 USD
CY2017Q4 us-gaap Real Estate Investments Joint Ventures
RealEstateInvestmentsJointVentures
17949000 USD
CY2018Q2 us-gaap Real Estate Investments Joint Ventures
RealEstateInvestmentsJointVentures
18108000 USD
CY2017Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
2389000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
4710000 USD
CY2018Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
3016000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
5984000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
158000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
75000000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
267639000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
CY2017 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-866000 USD
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-1289000 USD
CY2017Q2 us-gaap Revenues
Revenues
32829000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
4200000 USD
us-gaap Revenues
Revenues
63437000 USD
CY2018Q2 us-gaap Revenues
Revenues
38969000 USD
us-gaap Revenues
Revenues
77070000 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
170319000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
47540000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
452430000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
594617000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
638738000 USD
CY2017Q2 us-gaap Straight Line Rent
StraightLineRent
42000 USD
us-gaap Straight Line Rent
StraightLineRent
100000 USD
us-gaap Straight Line Rent
StraightLineRent
115000 USD
CY2018Q2 us-gaap Straight Line Rent
StraightLineRent
300000 USD
us-gaap Straight Line Rent
StraightLineRent
933000 USD
us-gaap Straight Line Rent
StraightLineRent
900000 USD
CY2017Q2 us-gaap Tenant Reimbursements
TenantReimbursements
2389000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
4710000 USD
CY2018Q2 us-gaap Tenant Reimbursements
TenantReimbursements
3016000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
5984000 USD
CY2017Q4 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
294395000 USD
CY2018Q2 us-gaap Unsecured Long Term Debt
UnsecuredLongTermDebt
294774000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72564000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
69773000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76374000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75941000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72564000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
69773000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76374000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75941000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration of Credit Risk</font><font style="font-family:inherit;font-size:10pt;">&#8212;The Company is subject to concentrations of credit risk consisting primarily of operating leases on the Company&#8217;s owned properties. See Note&#160;11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration of Risk</font><font style="font-family:inherit;font-size:10pt;">, for a discussion of major operator concentration.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-indent:65px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Estimates and Assumptions</font><font style="font-family:inherit;font-size:10pt;">&#8212;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 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 periods. Management believes that the assumptions and estimates used in preparation of the underlying consolidated financial statements are reasonable. Actual results, however, could differ from those estimates and assumptions.</font></div></div>

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