2022 Q4 Form 10-Q Financial Statement

#000092182522000049 Filed on October 21, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $144.6M $139.8M $121.1M
YoY Change 18.97% 15.42% 4.21%
Cost Of Revenue $37.61M $35.78M $33.40M
YoY Change 14.28% 7.12% 9.86%
Gross Profit $107.0M $104.0M $87.69M
YoY Change 20.72% 18.58% 2.2%
Gross Profit Margin 73.99% 74.4% 72.42%
Selling, General & Admin $8.755M $8.227M $8.598M
YoY Change -2.49% -4.31% 14.64%
% of Gross Profit 8.18% 7.91% 9.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.71M $38.33M $31.67M
YoY Change 21.95% 21.02% -12.98%
% of Gross Profit 36.18% 36.87% 36.12%
Operating Expenses $47.46M $46.56M $41.74M
YoY Change 12.03% 11.54% -0.14%
Operating Profit $59.54M $57.42M $45.95M
YoY Change 28.68% 24.97% 4.42%
Interest Expense -$20.64M -$14.22M -$10.65M
YoY Change 96.7% 33.57% -22.86%
% of Operating Profit -34.67% -24.77% -23.17%
Other Income/Expense, Net $70.01M -$1.752M
YoY Change -4096.12% -75.51%
Pretax Income $82.96M $127.1M $44.19M
YoY Change -30.7% 187.63% 19.99%
Income Tax -$976.0K $231.0K $759.0K
% Of Pretax Income -1.18% 0.18% 1.72%
Net Earnings $81.91M $123.9M $42.45M
YoY Change -28.41% 191.87% 18.04%
Net Earnings / Revenue 56.64% 88.65% 35.06%
Basic Earnings Per Share $0.94 $0.33
Diluted Earnings Per Share $0.62 $0.94 $327.2K
COMMON SHARES
Basic Shares Outstanding 132.1M shares 132.1M shares 129.6M shares
Diluted Shares Outstanding 132.2M shares 129.7M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.2M $147.3M $52.27M
YoY Change 127.41% 181.73% -69.45%
Cash & Equivalents $133.2M $147.3M $52.27M
Short-Term Investments
Other Short-Term Assets $200.1M $209.6M $153.6M
YoY Change 28.23% 36.43% 26.98%
Inventory $1.214M
Prepaid Expenses
Receivables $7.135M $5.195M $4.143M
Other Receivables $122.9M $114.3M $97.09M
Total Short-Term Assets $463.4M $476.4M $308.4M
YoY Change 45.51% 54.49% -19.24%
LONG-TERM ASSETS
Property, Plant & Equipment $4.446B $4.349B $3.600B
YoY Change 16.91% 20.79% 9.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.822M $9.452M $35.86M
YoY Change -75.53% -73.64% -40.73%
Other Assets $11.87M $4.580M $8.752M
YoY Change 6182.54% -47.67%
Total Long-Term Assets $4.491B $4.388B $3.667B
YoY Change 16.33% 19.66% 9.24%
TOTAL ASSETS
Total Short-Term Assets $463.4M $476.4M $308.4M
Total Long-Term Assets $4.491B $4.388B $3.667B
Total Assets $4.954B $4.864B $3.975B
YoY Change 18.55% 22.36% 6.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.9M $216.3M $146.8M
YoY Change 16.84% 47.4% 25.99%
Accrued Expenses $22.27M $22.01M $22.43M
YoY Change -1.44% -1.85% -2.5%
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 $242.4M $279.2M $205.9M
YoY Change 13.88% 35.57% 18.95%
LONG-TERM LIABILITIES
Long-Term Debt $2.066B $1.980B $1.608B
YoY Change 28.34% 23.14% 0.15%
Other Long-Term Liabilities $115.3M $118.8M $88.02M
YoY Change 6.93% 34.96% 22.76%
Total Long-Term Liabilities $2.182B $2.099B $1.696B
YoY Change 27.0% 23.75% 1.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $242.4M $279.2M $205.9M
Total Long-Term Liabilities $2.182B $2.099B $1.696B
Total Liabilities $2.424B $2.378B $1.902B
YoY Change 25.55% 25.03% 2.79%
SHAREHOLDERS EQUITY
Retained Earnings $23.13M
YoY Change
Common Stock $1.321M $1.321M $1.303M
YoY Change 0.3% 1.38% 1.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.459B $2.416B $2.023B
YoY Change
Total Liabilities & Shareholders Equity $4.954B $4.864B $3.975B
YoY Change 18.55% 22.36% 6.33%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $81.91M $123.9M $42.45M
YoY Change -28.41% 191.87% 18.04%
Depreciation, Depletion And Amortization $38.71M $38.33M $31.67M
YoY Change 21.95% 21.02% -12.98%
Cash From Operating Activities $64.92M $87.13M $77.95M
YoY Change -7.86% 11.78% 7.37%
INVESTING ACTIVITIES
Capital Expenditures $171.2M -$223.0M -$143.1M
YoY Change -170.14% 55.87% 131.14%
Acquisitions
YoY Change
Other Investing Activities $53.54M $119.5M $13.13M
YoY Change -54.95% 809.66% -60.44%
Cash From Investing Activities -$117.6M -$103.6M -$129.9M
YoY Change -6.05% -20.31% 354.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 46.00M 33.02M 30.40M
YoY Change -12.41% 8.63% 16.02%
NET CHANGE
Cash From Operating Activities 64.92M 87.13M 77.95M
Cash From Investing Activities -117.6M -103.6M -129.9M
Cash From Financing Activities 46.00M 33.02M 30.40M
Net Change In Cash -6.717M 16.60M -21.59M
YoY Change 199.87% -176.88% -130.76%
FREE CASH FLOW
Cash From Operating Activities $64.92M $87.13M $77.95M
Capital Expenditures $171.2M -$223.0M -$143.1M
Free Cash Flow -$106.3M $310.2M $221.0M
YoY Change -133.78% 40.32% 64.33%

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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Real Estate
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us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
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us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
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us-gaap Proceeds From Sale Of Property Held For Sale
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us-gaap Payments To Acquire Interest In Joint Venture
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payment Of Financing And Stock Issuance Costs
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Interest Paid Capitalized
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CY2021Q3 us-gaap Dividends Payable Current And Noncurrent
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us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
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us-gaap Liabilities Assumed1
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us-gaap Liabilities Assumed1
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CY2022Q3 us-gaap Number Of Real Estate Properties
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us-gaap Use Of Estimates
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2022 and December 31, 2021, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2022 and 2021. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2022 and December 31, 2021, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2022 and 2021, and our cash flows for each of the nine months ended September 30, 2022 and 2021. All adjustments are of a normal recurring nature.</span></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Certain reclassifications have been made to the consolidated statement of operations for the three and nine months ended September 30, 2021 to conform to the 2022 presentation.</span></div>
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
200364000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1432502000 usd
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1990948000 usd
CY2022Q3 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
10100000 usd
CY2021Q4 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
81700000 usd
CY2021Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
1070067000 usd
CY2022Q3 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
625000000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131986000 shares
CY2021Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
460486000 usd
CY2022Q3 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
357000000 usd
CY2021Q4 us-gaap Lines Of Credit Fair Value Disclosure
LinesOfCreditFairValueDisclosure
79000000 usd
CY2022Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1868349000 usd
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1691253000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
276879000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
156410000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132092000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129633000 shares
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
410000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
123888000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
42446000 usd
us-gaap Net Income Loss
NetIncomeLoss
277137000 usd
us-gaap Net Income Loss
NetIncomeLoss
156580000 usd
CY2022Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
124000 usd
CY2021Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
48000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
258000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
170000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
123764000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
42398000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
129275000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
84000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
89000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
71000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
87000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132176000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129722000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132057000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129362000 shares
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.94
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.94
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.21
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.21
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
144121 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
147937 shares
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3584000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3508000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12578000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10572000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
887000 usd
CY2021Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
549000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3214000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1759000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
13765000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y11M23D
CY2022Q3 us-gaap Due From Affiliates
DueFromAffiliates
9297000 usd

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