2018 Q2 Form 10-Q Financial Statement

#000103797618000042 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q4 2017 Q2
Revenue $3.904B $4.343B $3.470B
YoY Change 12.49% 101.23% 116.41%
Cost Of Revenue $1.740B $1.847B $1.596B
YoY Change 9.06%
Gross Profit $2.163B $2.496B $1.875B
YoY Change 15.41%
Gross Profit Margin 55.42% 57.47% 54.02%
Selling, General & Admin $1.978B $2.172B $1.697B
YoY Change 16.57% 17.01% 17.2%
% of Gross Profit 91.45% 87.01% 90.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $46.30M $44.90M $41.20M
YoY Change 12.38% 3.7% 31.21%
% of Gross Profit 2.14% 1.8% 2.2%
Operating Expenses $3.754B $4.081B $3.340B
YoY Change 12.41% 111.25% 124.17%
Operating Profit $149.8M $261.9M $130.8M
YoY Change 14.53% 15.73% 14.84%
Interest Expense -$4.100M -$2.000M -$100.0K
YoY Change 4000.0% -71.43% -94.12%
% of Operating Profit -2.74% -0.76% -0.08%
Other Income/Expense, Net $1.700M $1.000M $0.00
YoY Change -100.0%
Pretax Income $147.4M $260.9M $130.7M
YoY Change 12.78% 18.97% 4.14%
Income Tax $37.60M $57.30M $35.80M
% Of Pretax Income 25.51% 21.96% 27.39%
Net Earnings $108.0M $76.40M $94.50M
YoY Change 14.29% -53.84% 19.62%
Net Earnings / Revenue 2.77% 1.76% 2.72%
Basic Earnings Per Share $2.37 $1.68 $2.08
Diluted Earnings Per Share $2.35 $1.66 $2.06
COMMON SHARES
Basic Shares Outstanding 45.49M shares 45.37M shares 45.29M shares
Diluted Shares Outstanding 45.95M shares 45.78M shares

Balance Sheet

Concept 2018 Q2 2017 Q4 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $293.0M $268.0M $250.0M
YoY Change 17.2% 3.47% 16.82%
Cash & Equivalents $292.8M $268.0M $250.3M
Short-Term Investments
Other Short-Term Assets $1.653B $389.1M $163.9M
YoY Change 908.54% 141.08% 31.75%
Inventory
Prepaid Expenses $95.60M $102.0M
Receivables $1.508B $1.739B $1.718B
Other Receivables $753.0M $703.0M $1.165B
Total Short-Term Assets $4.470B $4.541B $3.399B
YoY Change 31.49% 37.62% 38.72%
LONG-TERM ASSETS
Property, Plant & Equipment $536.4M $543.9M $512.9M
YoY Change 4.58% 8.56% 18.62%
Goodwill $2.683B $2.709B $2.669B
YoY Change 0.52% 5.04% 17.95%
Intangibles $292.8M $305.0M $302.0M
YoY Change -3.05% 3.39% 29.23%
Long-Term Investments $380.0M $376.0M $364.0M
YoY Change 4.4% 5.92% 1.68%
Other Assets $155.9M $155.5M $79.30M
YoY Change 96.6% 126.35% -8.22%
Total Long-Term Assets $4.718B $4.713B $4.499B
YoY Change 4.87% 8.86% 15.62%
TOTAL ASSETS
Total Short-Term Assets $4.470B $4.541B $3.399B
Total Long-Term Assets $4.718B $4.713B $4.499B
Total Assets $9.188B $9.254B $7.898B
YoY Change 16.33% 21.3% 24.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $966.0M $993.0M $802.0M
YoY Change 20.45% 17.38% 21.33%
Accrued Expenses $974.0M $1.419B $741.0M
YoY Change 31.44% 33.24% 10.27%
Deferred Revenue
YoY Change
Short-Term Debt $93.40M $77.40M $69.50M
YoY Change 34.39% -13.52% 237.38%
Long-Term Debt Due $93.00M $77.00M $70.00M
YoY Change 32.86% -14.44% 233.33%
Total Short-Term Liabilities $3.832B $4.314B $2.852B
YoY Change 34.39% 45.42% 45.93%
LONG-TERM LIABILITIES
Long-Term Debt $1.077B $691.0M $1.327B
YoY Change -18.84% -41.34% 22.76%
Other Long-Term Liabilities $330.2M $332.3M $166.5M
YoY Change 98.32% 106.01% -30.07%
Total Long-Term Liabilities $330.2M $332.3M $166.5M
YoY Change 98.32% 106.01% -30.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.832B $4.314B $2.852B
Total Long-Term Liabilities $330.2M $332.3M $166.5M
Total Liabilities $5.722B $5.872B $4.860B
YoY Change 17.72% 22.14% 37.89%
SHAREHOLDERS EQUITY
Retained Earnings $2.778B $2.649B $2.405B
YoY Change 15.54% 13.54% 12.65%
Common Stock $1.047B $1.038B $1.028B
YoY Change 1.9% 2.4% 2.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.428B $3.340B $3.005B
YoY Change
Total Liabilities & Shareholders Equity $9.188B $9.254B $7.898B
YoY Change 16.33% 21.3% 24.55%

Cashflow Statement

Concept 2018 Q2 2017 Q4 2017 Q2
OPERATING ACTIVITIES
Net Income $108.0M $76.40M $94.50M
YoY Change 14.29% -53.84% 19.62%
Depreciation, Depletion And Amortization $46.30M $44.90M $41.20M
YoY Change 12.38% 3.7% 31.21%
Cash From Operating Activities -$9.300M $521.0M $173.0M
YoY Change -105.38% 42.19% 219.78%
INVESTING ACTIVITIES
Capital Expenditures -$29.40M -$55.60M -$31.60M
YoY Change -6.96% -50.75% -32.04%
Acquisitions
YoY Change
Other Investing Activities $5.700M $6.800M -$2.600M
YoY Change -319.23% -109.48% -108.2%
Cash From Investing Activities -$23.70M -$48.80M -$34.20M
YoY Change -30.7% -73.56% 131.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 41.40M -458.1M -132.6M
YoY Change -131.22% 220.57% 111.15%
NET CHANGE
Cash From Operating Activities -9.300M 521.0M 173.0M
Cash From Investing Activities -23.70M -48.80M -34.20M
Cash From Financing Activities 41.40M -458.1M -132.6M
Net Change In Cash 8.400M 14.10M 6.200M
YoY Change 35.48% -63.75% -126.38%
FREE CASH FLOW
Cash From Operating Activities -$9.300M $521.0M $173.0M
Capital Expenditures -$29.40M -$55.60M -$31.60M
Free Cash Flow $20.10M $576.6M $204.6M
YoY Change -90.18% 20.3% 103.38%

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63200000 USD
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23900000 USD
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us-gaap Depreciation And Amortization
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80500000 USD
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200000 USD
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200000 USD
us-gaap Dividends Share Based Compensation
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200000 USD
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17100000 USD
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19100000 USD
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0 USD
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0 USD
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0 USD
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0 USD
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145600000 USD
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165900000 USD
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186300000 USD
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69400000 USD
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53000000 USD
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29600000 USD
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22000000 USD
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27500000 USD
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36200000 USD
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46300000 USD
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2100000 USD
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147400000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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203500000 USD
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20100000 USD
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23800000 USD
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us-gaap Income Tax Expense Benefit
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37100000 USD
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37600000 USD
us-gaap Income Tax Expense Benefit
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51100000 USD
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70400000 USD
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50600000 USD
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500100000 USD
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8800000 USD
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447600000 USD
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479100000 USD
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228000000 USD
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376200000 USD
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379500000 USD
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62500000 USD
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3800000 USD
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296100000 USD
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0 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
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4400000 USD
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5400000 USD
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9900000 USD
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us-gaap Revenues
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us-gaap Revenues
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4300000 USD
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6500000 USD
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3466200000 USD
us-gaap Unrealized Gain Loss On Investments
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10700000 USD
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13600000 USD
CY2017Q4 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
309200000 USD
CY2018Q2 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
444500000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45782000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45728000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45951000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45922000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45288000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45273000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45493000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45468000 shares
us-gaap Revenue Recognition Services Commissions
RevenueRecognitionServicesCommissions
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:130%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g. tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be &#8220;normal course of business&#8221; and, as a result, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of future events that are uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Generally, less than </font><font style="font-family:inherit;font-size:10pt;">5%</font><font style="font-family:inherit;font-size:10pt;"> of our Leasing revenue recognized in the current period had previously been constrained.</font></div></div>
us-gaap Revenue Recognition Services Management Fees
RevenueRecognitionServicesManagementFees
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:130%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and specialty properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric.</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Although we are principal in limited situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange but do not control the services provided by third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Condensed Consolidated Statements of Comprehensive Income.</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Facilities Management primarily provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy, representing a series of daily performance obligations delivered over time. Pricing generally includes a management fee and, in many instances, an incentive fee or other form of variable consideration.</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Although we may act as agent on behalf of our clients with respect to certain mandates, we generally act as principal for our Facilities Management contracts with respect to third-party vendors and subcontractors engaged to deliver operational services to our clients' facilities. In these situations, we control the services provided by such third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of our clients, along with the corresponding reimbursement revenue, are presented gross on our Condensed Consolidated Statements of Comprehensive Income.</font></div></div>

Files In Submission

Name View Source Status
0001037976-18-000042-index-headers.html Edgar Link pending
0001037976-18-000042-index.html Edgar Link pending
0001037976-18-000042.txt Edgar Link pending
0001037976-18-000042-xbrl.zip Edgar Link pending
exhibit311-jllq22018.htm Edgar Link pending
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