2016 Q4 Form 10-Q Financial Statement

#000129894616000170 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $206.6M $220.2M $238.5M
YoY Change -11.62% -7.66% 4.05%
Cost Of Revenue $142.9M $150.6M $165.5M
YoY Change -12.39% -9.0% 4.28%
Gross Profit $63.70M $69.60M $73.00M
YoY Change -9.9% -4.66% 3.55%
Gross Profit Margin 30.83% 31.6% 30.61%
Selling, General & Admin $6.200M $4.700M $6.000M
YoY Change -1.59% -21.67% -6.25%
% of Gross Profit 9.73% 6.75% 8.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.70M $23.60M $25.10M
YoY Change -9.2% -5.98% -1.18%
% of Gross Profit 37.21% 33.91% 34.38%
Operating Expenses $30.00M $28.30M $31.10M
YoY Change -7.41% -9.0% -0.32%
Operating Profit $33.75M $41.30M $41.42M
YoY Change -11.85% -0.27% 8.5%
Interest Expense -$9.200M $9.504M $12.91M
YoY Change -31.85% -26.37% -12.14%
% of Operating Profit -27.26% 23.01% 31.16%
Other Income/Expense, Net -$6.973M -$12.78M
YoY Change -45.44% -236.42%
Pretax Income $24.90M $34.33M $28.64M
YoY Change -13.24% 19.89% -39.77%
Income Tax $1.000M $4.393M $4.171M
% Of Pretax Income 4.02% 12.8% 14.57%
Net Earnings $23.91M $29.94M $24.46M
YoY Change -6.99% 22.37% -44.16%
Net Earnings / Revenue 11.57% 13.59% 10.26%
Basic Earnings Per Share $0.12 $0.15 $0.12
Diluted Earnings Per Share $0.12 $0.15 $0.12
COMMON SHARES
Basic Shares Outstanding 200.3M shares 201.3M shares 200.9M shares
Diluted Shares Outstanding 201.7M shares 201.2M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $243.1M $236.0M $62.00M
YoY Change 13.81% 280.65% -47.94%
Cash & Equivalents $243.1M $236.0M $61.98M
Short-Term Investments
Other Short-Term Assets $19.10M $47.70M $53.70M
YoY Change -59.19% -11.17% 2.29%
Inventory
Prepaid Expenses
Receivables $77.90M $87.00M $102.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $340.1M $370.7M $217.9M
YoY Change -2.02% 70.12% -16.61%
LONG-TERM ASSETS
Property, Plant & Equipment $2.647B $2.642B $2.885B
YoY Change -8.17% -8.43% 5.96%
Goodwill
YoY Change
Intangibles $18.01M $18.08M $24.06M
YoY Change -24.8% -24.86% -30.12%
Long-Term Investments
YoY Change
Other Assets $46.10M $47.70M $63.20M
YoY Change -22.26% -24.53% -40.93%
Total Long-Term Assets $2.711B $2.708B $2.972B
YoY Change -8.59% -8.91% 3.77%
TOTAL ASSETS
Total Short-Term Assets $340.1M $370.7M $217.9M
Total Long-Term Assets $2.711B $2.708B $2.972B
Total Assets $3.051B $3.078B $3.190B
YoY Change -7.9% -3.51% 2.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.30M $55.40M $68.40M
YoY Change -10.86% -19.01% 19.37%
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 $62.10M $79.00M $147.1M
YoY Change -31.76% -46.3% 89.07%
LONG-TERM LIABILITIES
Long-Term Debt $920.5M $923.0M $1.056B
YoY Change -21.3% -12.61% -6.14%
Other Long-Term Liabilities $173.2M $172.9M $95.90M
YoY Change 2.85% 80.29% -3.71%
Total Long-Term Liabilities $1.094B $1.096B $1.152B
YoY Change -18.26% -4.88% -5.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.10M $79.00M $147.1M
Total Long-Term Liabilities $1.094B $1.096B $1.152B
Total Liabilities $1.214B $1.234B $1.368B
YoY Change -18.4% -9.76% -2.56%
SHAREHOLDERS EQUITY
Retained Earnings -$220.6M -$217.3M -$234.7M
YoY Change -5.85% -7.44% -10.32%
Common Stock $2.057B $2.062B $2.057B
YoY Change -0.07% 0.2% 3.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.837B $1.844B $1.823B
YoY Change
Total Liabilities & Shareholders Equity $3.051B $3.078B $3.190B
YoY Change -7.9% -3.51% 2.07%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $23.91M $29.94M $24.46M
YoY Change -6.99% 22.37% -44.16%
Depreciation, Depletion And Amortization $23.70M $23.60M $25.10M
YoY Change -9.2% -5.98% -1.18%
Cash From Operating Activities $63.10M $57.90M $57.90M
YoY Change -9.6% 0.0% 16.27%
INVESTING ACTIVITIES
Capital Expenditures -$24.20M -$24.60M -$13.90M
YoY Change 43.2% 76.98% -11.46%
Acquisitions
YoY Change
Other Investing Activities $1.900M $64.80M $300.0K
YoY Change -52.5% 21500.0% -100.2%
Cash From Investing Activities -$22.20M $40.20M -$13.60M
YoY Change 73.44% -395.59% -91.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.60M -28.70M -66.40M
YoY Change -135.48% -56.78% 205.99%
NET CHANGE
Cash From Operating Activities 63.10M 57.90M 57.90M
Cash From Investing Activities -22.20M 40.20M -13.60M
Cash From Financing Activities -33.60M -28.70M -66.40M
Net Change In Cash 7.300M 69.40M -22.10M
YoY Change -95.19% -414.03% -83.62%
FREE CASH FLOW
Cash From Operating Activities $63.10M $57.90M $57.90M
Capital Expenditures -$24.20M -$24.60M -$13.90M
Free Cash Flow $87.30M $82.50M $71.80M
YoY Change 0.69% 14.9% 9.62%

Facts In Submission

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CY2015Q3 us-gaap Occupancy Costs
OccupancyCosts
42415000 USD
us-gaap Occupancy Costs
OccupancyCosts
122872000 USD
CY2016Q3 us-gaap Occupancy Costs
OccupancyCosts
39766000 USD
us-gaap Occupancy Costs
OccupancyCosts
121737000 USD
CY2015Q3 us-gaap Occupancy Revenue
OccupancyRevenue
178529000 USD
us-gaap Occupancy Revenue
OccupancyRevenue
504729000 USD
CY2016Q3 us-gaap Occupancy Revenue
OccupancyRevenue
163158000 USD
us-gaap Occupancy Revenue
OccupancyRevenue
498714000 USD
CY2015Q4 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
74657000 USD
CY2016Q3 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
73123000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
41416000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
106987000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
41303000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
123719000 USD
CY2015Q3 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
83358000 USD
us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
237410000 USD
CY2016Q3 us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
74123000 USD
us-gaap Other Direct Costs Of Hotels
OtherDirectCostsOfHotels
232576000 USD
CY2015Q3 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
12717000 USD
us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
36801000 USD
CY2016Q3 us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
13012000 USD
us-gaap Other Hotel Operating Revenue
OtherHotelOperatingRevenue
39373000 USD
CY2015Q3 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
7562000 USD
us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
22665000 USD
CY2016Q3 us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
7655000 USD
us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
23036000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
46141000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
78652000 USD
us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
325000 USD
us-gaap Payments For Derivative Instrument Financing Activities
PaymentsForDerivativeInstrumentFinancingActivities
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2735000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1512000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
71008000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
75635000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1182000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
150400000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201167659 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201124091 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201739604 shares
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
46758000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
47693000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7796000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of First Mortgage Bond
ProceedsFromIssuanceOfFirstMortgageBond
150000000 USD
us-gaap Proceeds From Issuance Of First Mortgage Bond
ProceedsFromIssuanceOfFirstMortgageBond
0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
100000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
135000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
75000000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
183494000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3608644000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3353507000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2882176000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2642034000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
839000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
2143000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
10075000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
8384000 USD
us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
146876000 USD
us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
249793000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
110000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
75000000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
59339000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
47661000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-234280000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-217269000 USD
CY2015Q3 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
238502000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
697192000 USD
CY2016Q3 us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
220239000 USD
us-gaap Revenue From Leased And Owned Hotels
RevenueFromLeasedAndOwnedHotels
689937000 USD
CY2015Q4 us-gaap Secured Debt
SecuredDebt
1169749000 USD
CY2016Q3 us-gaap Secured Debt
SecuredDebt
823626000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4403000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4015000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
201572206 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1824605000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
1844377000 USD
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200852072 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200776641 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
201297846 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
201188563 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the financial statements in conformity with U.S. 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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