2018 Q4 Form 10-Q Financial Statement
#000171730718000032 Filed on October 26, 2018
Income Statement
Concept | 2018 Q4 | 2018 Q3 | 2017 Q3 |
---|---|---|---|
Revenue | $42.07M | $40.43M | $39.07M |
YoY Change | 6.8% | 3.49% | |
Cost Of Revenue | $5.230M | $4.940M | $4.580M |
YoY Change | 13.45% | 7.86% | |
Gross Profit | $36.84M | $35.49M | $34.49M |
YoY Change | 5.92% | 2.9% | |
Gross Profit Margin | 87.56% | 87.78% | 88.29% |
Selling, General & Admin | $2.920M | $2.920M | $350.0K |
YoY Change | -68.43% | 734.29% | |
% of Gross Profit | 7.93% | 8.23% | 1.01% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $7.400M | $6.800M | $200.0K |
YoY Change | -42.64% | 3300.0% | -98.48% |
% of Gross Profit | 20.09% | 19.16% | 0.58% |
Operating Expenses | $13.94M | $13.36M | $10.08M |
YoY Change | -25.25% | 32.54% | |
Operating Profit | $22.90M | $22.13M | $23.48M |
YoY Change | 41.97% | -5.74% | |
Interest Expense | -$4.610M | $4.052M | $565.0K |
YoY Change | 506.58% | 617.17% | |
% of Operating Profit | -20.13% | 18.31% | 2.41% |
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | $18.30M | $18.15M | $22.91M |
YoY Change | 19.76% | -20.79% | |
Income Tax | $10.00K | $9.000K | $11.00K |
% Of Pretax Income | 0.05% | 0.05% | 0.05% |
Net Earnings | $18.29M | $18.14M | $22.90M |
YoY Change | 19.77% | -20.79% | |
Net Earnings / Revenue | 43.47% | 44.87% | 58.63% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | $281.2K | $279.0K | $218.1K |
COMMON SHARES | |||
Basic Shares Outstanding | 65.07M shares | 65.02M shares | |
Diluted Shares Outstanding | 65.02M shares |
Balance Sheet
Concept | 2018 Q4 | 2018 Q3 | 2017 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $9.600M | $11.10M | |
YoY Change | |||
Cash & Equivalents | $9.608M | $11.10M | $0.00 |
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | |||
Prepaid Expenses | |||
Receivables | $56.90M | $55.60M | $50.80M |
Other Receivables | $1.400M | $1.400M | $0.00 |
Total Short-Term Assets | $67.90M | $68.10M | $50.80M |
YoY Change | 31.33% | 34.06% | |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $1.369B | $1.346B | $1.272B |
YoY Change | 7.89% | 5.81% | |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $10.60M | $10.00M | $5.400M |
YoY Change | 100.0% | 85.19% | |
Total Long-Term Assets | $1.467B | $1.439B | $1.366B |
YoY Change | 7.85% | 5.28% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $67.90M | $68.10M | $50.80M |
Total Long-Term Assets | $1.467B | $1.439B | $1.366B |
Total Assets | $1.535B | $1.507B | $1.417B |
YoY Change | 8.71% | 6.31% | |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $12.00M | $11.80M | $11.30M |
YoY Change | 8.11% | 4.42% | |
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 | $19.80M | $19.70M | $20.60M |
YoY Change | -17.15% | -4.37% | |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $462.2M | $429.3M | $814.0M |
YoY Change | -42.18% | -47.26% | |
Other Long-Term Liabilities | $24.30M | $26.50M | $28.60M |
YoY Change | -7.25% | -7.34% | |
Total Long-Term Liabilities | $486.5M | $455.8M | $842.6M |
YoY Change | -41.07% | -45.91% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $19.80M | $19.70M | $20.60M |
Total Long-Term Liabilities | $486.5M | $455.8M | $842.6M |
Total Liabilities | $506.3M | $475.4M | $863.2M |
YoY Change | -40.39% | -44.92% | |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $89.66M | $71.37M | |
YoY Change | 487.18% | ||
Common Stock | $999.1M | $998.8M | |
YoY Change | 82.67% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $1.028B | $1.031B | $554.0M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $1.535B | $1.507B | $1.417B |
YoY Change | 8.71% | 6.31% |
Cashflow Statement
Concept | 2018 Q4 | 2018 Q3 | 2017 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $18.29M | $18.14M | $22.90M |
YoY Change | 19.77% | -20.79% | |
Depreciation, Depletion And Amortization | $7.400M | $6.800M | $200.0K |
YoY Change | -42.64% | 3300.0% | -98.48% |
Cash From Operating Activities | $26.60M | $24.40M | $25.80M |
YoY Change | 7.26% | -5.43% | -68.07% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$2.900M | -$600.0K | -$1.600M |
YoY Change | 93.33% | -62.5% | 60.0% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$35.40M | -$51.80M | $0.00 |
YoY Change | |||
Cash From Investing Activities | -$38.30M | -$52.40M | -$1.500M |
YoY Change | 2293.75% | 3393.33% | 50.0% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 10.40M | 23.40M | -24.30M |
YoY Change | -145.02% | -196.3% | -69.55% |
NET CHANGE | |||
Cash From Operating Activities | 26.60M | 24.40M | 25.80M |
Cash From Investing Activities | -38.30M | -52.40M | -1.500M |
Cash From Financing Activities | 10.40M | 23.40M | -24.30M |
Net Change In Cash | -1.300M | -4.600M | 0.00000001118 |
YoY Change | -1400.0% | -41160103253333500.0% | |
FREE CASH FLOW | |||
Cash From Operating Activities | $26.60M | $24.40M | $25.80M |
Capital Expenditures | -$2.900M | -$600.0K | -$1.600M |
Free Cash Flow | $29.50M | $25.00M | $27.40M |
YoY Change | 12.17% | -8.76% | -66.5% |
Facts In Submission
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us-gaap |
Interest Paid Net
InterestPaidNet
|
10195000 | USD | |
CY2017Q4 | us-gaap |
Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
|
700896000 | USD |
CY2018Q3 | us-gaap |
Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
|
767888000 | USD |
CY2017Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
0 | USD |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
0 | USD | |
CY2018Q3 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
71000 | USD |
us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
134000 | USD | |
CY2017Q4 | us-gaap |
Land
Land
|
642706000 | USD |
CY2018Q3 | us-gaap |
Land
Land
|
666526000 | USD |
CY2017Q4 | us-gaap |
Liabilities
Liabilities
|
849475000 | USD |
CY2018Q3 | us-gaap |
Liabilities
Liabilities
|
475422000 | USD |
CY2017Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1411683000 | USD |
CY2018Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1506629000 | USD |
CY2017Q4 | us-gaap |
Line Of Credit
LineOfCredit
|
750000000 | USD |
CY2018Q3 | us-gaap |
Line Of Credit
LineOfCredit
|
380000000 | USD |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-74001000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
38041000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-4742000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-97169000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
78743000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
70228000 | USD | |
CY2017Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
22903000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
64834000 | USD | |
CY2018Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
18142000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
56100000 | USD | |
CY2018Q3 | us-gaap |
Net Rentable Area
NetRentableArea
|
29216000 | sqft |
CY2017Q3 | us-gaap |
Net Rentable Area
NetRentableArea
|
28540000 | sqft |
us-gaap |
Notes Issued1
NotesIssued1
|
750000000 | USD | |
us-gaap |
Notes Issued1
NotesIssued1
|
0 | USD | |
us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | segment | |
CY2017Q4 | us-gaap |
Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
|
20384000 | USD |
CY2018Q3 | us-gaap |
Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
|
18826000 | USD |
us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
0 | USD | |
CY2017Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
23479000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
66547000 | USD | |
CY2018Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
22132000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
67396000 | USD | |
CY2017Q3 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
33624000 | USD |
us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
100921000 | USD | |
CY2018Q3 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
34781000 | USD |
us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
103470000 | USD | |
CY2017Q4 | us-gaap |
Other Assets
OtherAssets
|
4942000 | USD |
CY2018Q3 | us-gaap |
Other Assets
OtherAssets
|
6849000 | USD |
CY2017Q3 | us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
2727000 | USD |
us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
8160000 | USD | |
CY2018Q3 | us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
3281000 | USD |
us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
9650000 | USD | |
CY2017Q4 | us-gaap |
Other Liabilities
OtherLiabilities
|
11082000 | USD |
CY2018Q3 | us-gaap |
Other Liabilities
OtherLiabilities
|
11805000 | USD |
us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
0 | USD | |
us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-681000 | USD | |
us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
4461000 | USD | |
us-gaap |
Payments For Capital Improvements
PaymentsForCapitalImprovements
|
2091000 | USD | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
0 | USD | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
52000 | USD | |
us-gaap |
Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
|
116539000 | USD | |
us-gaap |
Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
|
9187000 | USD | |
us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
0 | USD | |
us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
4183000 | USD | |
us-gaap |
Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
|
0 | USD | |
us-gaap |
Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
|
39008000 | USD | |
us-gaap |
Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
|
281000 | USD | |
us-gaap |
Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
|
95078000 | USD | |
us-gaap |
Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
|
42563000 | USD | |
us-gaap |
Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
|
16162000 | USD | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
0 | USD | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
444309000 | USD | |
us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
0 | USD | |
us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
160000000 | USD | |
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
456000 | USD | |
us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
982000 | USD | |
CY2017Q4 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
74614000 | USD |
CY2018Q3 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
88278000 | USD |
CY2017Q4 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
1343602000 | USD |
CY2018Q3 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
1434414000 | USD |
CY2017Q4 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
1268988000 | USD |
CY2018Q3 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
1346136000 | USD |
CY2017Q3 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
39066000 | USD |
us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
117111000 | USD | |
CY2018Q3 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
40431000 | USD |
us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
120456000 | USD | |
CY2017Q3 | us-gaap |
Real Estate Tax Expense
RealEstateTaxExpense
|
4579000 | USD |
us-gaap |
Real Estate Tax Expense
RealEstateTaxExpense
|
13257000 | USD | |
CY2018Q3 | us-gaap |
Real Estate Tax Expense
RealEstateTaxExpense
|
4942000 | USD |
us-gaap |
Real Estate Tax Expense
RealEstateTaxExpense
|
14109000 | USD | |
us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
0 | USD | |
us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
530000000 | USD | |
us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
25000 | USD | |
CY2017Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
15269000 | USD |
CY2018Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
71369000 | USD |
CY2017Q4 | us-gaap |
Secured Debt
SecuredDebt
|
49427000 | USD |
CY2018Q3 | us-gaap |
Secured Debt
SecuredDebt
|
49251000 | USD |
CY2017Q4 | us-gaap |
Security Deposit Liability
SecurityDepositLiability
|
5674000 | USD |
CY2018Q3 | us-gaap |
Security Deposit Liability
SecurityDepositLiability
|
5895000 | USD |
us-gaap |
Stock Issued1
StockIssued1
|
554043000 | USD | |
us-gaap |
Stock Issued1
StockIssued1
|
0 | USD | |
CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
562208000 | USD |
CY2018Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1031207000 | USD |
us-gaap |
Straight Line Rent
StraightLineRent
|
4421000 | USD | |
us-gaap |
Straight Line Rent
StraightLineRent
|
3360000 | USD | |
CY2017Q3 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
5442000 | USD |
us-gaap |
Tenant Reimbursements
TenantReimbursements
|
16190000 | USD | |
CY2018Q3 | us-gaap |
Tenant Reimbursements
TenantReimbursements
|
5650000 | USD |
us-gaap |
Tenant Reimbursements
TenantReimbursements
|
16986000 | USD | |
CY2017Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
45000000 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
45000000 | shares | |
CY2018Q3 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
65022000 | shares |
us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
63839000 | shares | |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets and the assessments of the carrying values and impairments of long lived assets.</font></div></div> |