2016 Q2 Form 10-Q Financial Statement

#000136060416000148 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $113.2M $99.31M
YoY Change 14.02% 10.75%
Cost Of Revenue $36.30M $33.90M
YoY Change 7.08% 0.89%
Gross Profit $66.40M $62.80M
YoY Change 5.73% 8.28%
Gross Profit Margin 58.64% 63.24%
Selling, General & Admin $8.200M $6.700M
YoY Change 22.39% 17.54%
% of Gross Profit 12.35% 10.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.10M $30.10M
YoY Change 6.64% 4.15%
% of Gross Profit 48.34% 47.93%
Operating Expenses $39.50M $35.80M
YoY Change 10.34% 8.48%
Operating Profit $24.56M $23.03M
YoY Change 6.65% 26.3%
Interest Expense -$14.70M -$17.10M
YoY Change -14.04% 6.88%
% of Operating Profit -59.85% -74.26%
Other Income/Expense, Net $72.00K $4.000K
YoY Change 1700.0% -71.43%
Pretax Income $12.20M $17.60M
YoY Change -30.68% 95.56%
Income Tax
% Of Pretax Income
Net Earnings $13.07M $9.292M
YoY Change 40.7% 225.46%
Net Earnings / Revenue 11.55% 9.36%
Basic Earnings Per Share $0.10 $0.07
Diluted Earnings Per Share $0.09 $0.07
COMMON SHARES
Basic Shares Outstanding 136.5M shares 125.2M shares
Diluted Shares Outstanding 140.5M shares 127.1M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.000M $8.400M
YoY Change 7.14% -52.0%
Cash & Equivalents $8.148M $16.58M
Short-Term Investments
Other Short-Term Assets $34.00M $23.00M
YoY Change 47.83% 228.57%
Inventory
Prepaid Expenses
Receivables $6.000M $21.00M
Other Receivables $82.00M $70.00M
Total Short-Term Assets $9.000M $8.400M
YoY Change 7.14% -52.0%
LONG-TERM ASSETS
Property, Plant & Equipment $2.687B $2.525B
YoY Change 6.44% -0.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $700.0K $14.20M
YoY Change -95.07% 144.83%
Total Long-Term Assets $3.523B $3.210B
YoY Change 9.77% 7.09%
TOTAL ASSETS
Total Short-Term Assets $9.000M $8.400M
Total Long-Term Assets $3.523B $3.210B
Total Assets $3.532B $3.218B
YoY Change 9.76% 6.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $70.40M $57.10M
YoY Change 23.29% -21.24%
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 $70.40M $57.10M
YoY Change 23.29% -21.24%
LONG-TERM LIABILITIES
Long-Term Debt $1.415B $1.389B
YoY Change 1.86% -0.59%
Other Long-Term Liabilities $46.50M $66.20M
YoY Change -29.76% 7.99%
Total Long-Term Liabilities $1.461B $1.455B
YoY Change 0.43% -0.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.40M $57.10M
Total Long-Term Liabilities $1.461B $1.455B
Total Liabilities $1.811B $1.793B
YoY Change 0.96% 8.5%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.627B $2.285B
YoY Change 14.95% 6.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.620B $1.392B
YoY Change
Total Liabilities & Shareholders Equity $3.532B $3.218B
YoY Change 9.76% 6.75%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $13.07M $9.292M
YoY Change 40.7% 225.46%
Depreciation, Depletion And Amortization $32.10M $30.10M
YoY Change 6.64% 4.15%
Cash From Operating Activities $35.90M $50.70M
YoY Change -29.19% 18.18%
INVESTING ACTIVITIES
Capital Expenditures -$43.70M -$20.30M
YoY Change 115.27% -49.63%
Acquisitions
YoY Change
Other Investing Activities -$11.00M $92.70M
YoY Change -111.87% 1395.16%
Cash From Investing Activities -$54.60M $72.40M
YoY Change -175.41% -312.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.60M -125.1M
YoY Change -120.46% 8240.0%
NET CHANGE
Cash From Operating Activities 35.90M 50.70M
Cash From Investing Activities -54.60M 72.40M
Cash From Financing Activities 25.60M -125.1M
Net Change In Cash 6.900M -2.000M
YoY Change -445.0% -127.4%
FREE CASH FLOW
Cash From Operating Activities $35.90M $50.70M
Capital Expenditures -$43.70M -$20.30M
Free Cash Flow $79.60M $71.00M
YoY Change 12.11% -14.66%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Description of Business </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">HTA, a Maryland corporation, and </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;">, a Delaware limited partnership, were incorporated or formed, as applicable, on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">April&#160;20, 2006</font><font style="font-family:inherit;font-size:10pt;">. HTA operates as a REIT and is the general partner of </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;">, which is the operating partnership. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2016</font><font style="font-family:inherit;font-size:10pt;">, HTA owned a </font><font style="font-family:inherit;font-size:10pt;">96.9%</font><font style="font-family:inherit;font-size:10pt;"> partnership interest and other limited partners, including some of HTA&#8217;s directors, executive officers and their affiliates, owned the remaining partnership interest (including the LTIP units) in </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;">. As the sole general partner of </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;">, HTA has the full, exclusive and complete responsibility for </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;">&#8217;s day-to-day management and control. HTA operates in an umbrella partnership REIT structure in which </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;"> and its subsidiaries hold substantially all of the assets. HTA&#8217;s only material asset is its ownership of partnership interests of </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;">. As a result, HTA does not conduct business itself, other than acting as the sole general partner of </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;">, issuing public equity from time to time and guaranteeing certain debts of </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;">HTALP</font><font style="font-family:inherit;font-size:10pt;"> conducts the operations of the business and issues publicly-traded debt, but has no publicly-traded equity. </font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">HTA is one of the largest publicly-traded REITs focused on medical office buildings (&#8220;MOBs&#8221;) in the United States (&#8220;U.S.&#8221;) based on gross leasable area (&#8220;GLA&#8221;). We invest in MOBs that will serve the future of healthcare delivery; primarily located on health system campuses, around university medical centers, or in core community outpatient locations. We also focus on our key markets that have certain demographic and macro-economic trends and where we can utilize our institutional property management and leasing platform to generate strong tenant relationships and operating cost efficiencies. Our portfolio consists of MOBs and other facilities that serve the healthcare industry with an aggregate purchase price of </font><font style="font-family:inherit;font-size:10pt;">$4.0 billion</font><font style="font-family:inherit;font-size:10pt;"> through </font><font style="font-family:inherit;font-size:10pt;">June 30, 2016</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:6px;text-align:left;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our primary objective is to maximize stockholder value with disciplined growth through strategic investments that provide an attractive risk-adjusted return for our stockholders by consistently increasing our cash flow. In pursuing this objective, we (i) seek internal growth through proactive asset management, leasing and property management oversight; (ii) target accretive acquisitions of MOBs in markets with attractive demographics that complement our existing portfolio; and (iii) actively manage our balance sheet to maintain flexibility with conservative leverage. HTA has qualified to be taxed as a REIT for federal income tax purposes and intends to continue to be taxed as a REIT.</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our principal executive office is located at 16435 North Scottsdale Road, Suite 320, Scottsdale, Arizona, 85254.</font></div></div>

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