2018 Q2 Form 10-Q Financial Statement

#000089541718000041 Filed on July 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $240.5M $221.3M
YoY Change 8.67% 5.35%
Cost Of Revenue $118.3M $109.4M
YoY Change 8.14% 6.63%
Gross Profit $118.8M $75.87M
YoY Change 56.59% 5.24%
Gross Profit Margin 49.4% 34.28%
Selling, General & Admin $12.97M $11.36M
YoY Change 14.26% 1.51%
% of Gross Profit 10.92% 14.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.70M $31.60M
YoY Change 9.81% 6.04%
% of Gross Profit 29.21% 41.65%
Operating Expenses $12.97M $11.36M
YoY Change 14.26% 1.51%
Operating Profit $105.8M $75.87M
YoY Change 39.49% 5.24%
Interest Expense -$22.90M -$23.70M
YoY Change -3.38% 1.72%
% of Operating Profit -21.64% -31.24%
Other Income/Expense, Net $367.0K $271.0K
YoY Change 35.42%
Pretax Income $47.56M $43.42M
YoY Change 9.52% 8.45%
Income Tax
% Of Pretax Income
Net Earnings $49.17M $39.50M
YoY Change 24.48% 11.29%
Net Earnings / Revenue 20.44% 17.85%
Basic Earnings Per Share $0.26 $0.46
Diluted Earnings Per Share $0.26 $0.45
COMMON SHARES
Basic Shares Outstanding 177.1M shares 86.76M shares
Diluted Shares Outstanding 189.2M shares 93.06M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.70M $62.40M
YoY Change -34.78% -10.34%
Cash & Equivalents $54.22M $67.74M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $40.70M $62.40M
YoY Change -34.78% -10.34%
LONG-TERM ASSETS
Property, Plant & Equipment $3.470B $3.272B
YoY Change 6.05% -0.21%
Goodwill $7.800M $7.800M
YoY Change 0.0% 0.0%
Intangibles $4.300M $4.300M
YoY Change 0.0% 0.0%
Long-Term Investments $57.70M $21.80M
YoY Change 164.68% -6.03%
Other Assets $85.20M $69.10M
YoY Change 23.3% 1.17%
Total Long-Term Assets $3.659B $3.423B
YoY Change 6.91% 0.2%
TOTAL ASSETS
Total Short-Term Assets $40.70M $62.40M
Total Long-Term Assets $3.659B $3.423B
Total Assets $3.700B $3.485B
YoY Change 6.16% -0.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.90M $93.50M
YoY Change -2.78%
Accrued Expenses $8.400M $8.000M
YoY Change 5.0% -90.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $151.3M $146.8M
YoY Change 3.07% 16.51%
LONG-TERM LIABILITIES
Long-Term Debt $2.227B $2.055B
YoY Change 8.4% -2.87%
Other Long-Term Liabilities $220.0M $184.7M
YoY Change 19.11% 3.47%
Total Long-Term Liabilities $2.447B $2.239B
YoY Change 9.28% -2.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $151.3M $146.8M
Total Long-Term Liabilities $2.447B $2.239B
Total Liabilities $2.598B $2.386B
YoY Change 8.9% -1.39%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.249B $1.122B
YoY Change 11.3% 2.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.034B $1.039B
YoY Change
Total Liabilities & Shareholders Equity $3.700B $3.485B
YoY Change 6.16% -0.01%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $49.17M $39.50M
YoY Change 24.48% 11.29%
Depreciation, Depletion And Amortization $34.70M $31.60M
YoY Change 9.81% 6.04%
Cash From Operating Activities $108.3M $98.70M
YoY Change 9.73% 16.12%
INVESTING ACTIVITIES
Capital Expenditures -$73.50M -$31.10M
YoY Change 136.33% -69.51%
Acquisitions
YoY Change
Other Investing Activities $2.200M -$15.00M
YoY Change -114.67%
Cash From Investing Activities -$71.30M -$46.20M
YoY Change 54.33% -54.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -64.20M -58.00M
YoY Change 10.69% 1015.38%
NET CHANGE
Cash From Operating Activities 108.3M 98.70M
Cash From Investing Activities -71.30M -46.20M
Cash From Financing Activities -64.20M -58.00M
Net Change In Cash -27.20M -5.500M
YoY Change 394.55% -75.34%
FREE CASH FLOW
Cash From Operating Activities $108.3M $98.70M
Capital Expenditures -$73.50M -$31.10M
Free Cash Flow $181.8M $129.8M
YoY Change 40.06% -30.59%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our revenue streams are predominantly derived from customers renting our Sites and are accounted for in accordance with ("ASC 840"), </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;">, which include the following classifications on our Consolidated Statements of Income and Comprehensive Income: Community base rental income; Rental home income; Resort base rental income; and Utility and other income. Customers lease the Site in which their home is located, and either own or lease their home. Lease revenues for Sites and homes are accounted for as operating leases and recognized over the term of the respective lease or the length of a customer&#8217;s stay. A typical lease for the rental of a Site between us and the owner or renter of a home is month-to-month or for a one-year term, renewable upon the consent of both parties, or in some instances, as provided by statute.</font></div></div>

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