2018 Q3 Form 10-Q Financial Statement

#000143774918018863 Filed on October 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $283.1M $294.8M
YoY Change -3.99% 3.43%
Cost Of Revenue $79.80M $74.30M
YoY Change 7.4% 1.78%
Gross Profit $203.3M $220.5M
YoY Change -7.8% 3.96%
Gross Profit Margin 71.82% 74.79%
Selling, General & Admin $22.70M $29.30M
YoY Change -22.53% 0.69%
% of Gross Profit 11.17% 13.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.00M $88.50M
YoY Change -15.25% -8.57%
% of Gross Profit 36.89% 40.14%
Operating Expenses $180.9M $195.0M
YoY Change -7.24% -6.7%
Operating Profit $130.5M $99.85M
YoY Change 30.66% 31.24%
Interest Expense $44.08M $47.26M
YoY Change -6.72% 1.52%
% of Operating Profit 33.79% 47.33%
Other Income/Expense, Net $5.219M $1.101M
YoY Change 374.02% -74.74%
Pretax Income $78.83M $51.94M
YoY Change 51.79% -540.58%
Income Tax -$315.0K -$697.0K
% Of Pretax Income -0.4% -1.34%
Net Earnings $100.2M $121.0M
YoY Change -17.25% -377.94%
Net Earnings / Revenue 35.38% 41.05%
Basic Earnings Per Share $0.19 $0.24
Diluted Earnings Per Share $0.19 $0.24
COMMON SHARES
Basic Shares Outstanding 419.2M 423.7M
Diluted Shares Outstanding 419.8M 424.3M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.4M $170.6M
YoY Change -7.16% -4.51%
Cash & Equivalents $146.4M $156.6M
Short-Term Investments $12.03M $14.04M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $183.0M $182.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $329.0M $339.0M
YoY Change -2.95% -0.88%
LONG-TERM ASSETS
Property, Plant & Equipment $9.584B $10.13B
YoY Change -5.42% 4.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $580.7M $509.4M
YoY Change 13.99% 6.62%
Other Assets
YoY Change
Total Long-Term Assets $10.78B $11.36B
YoY Change -5.13% 4.59%
TOTAL ASSETS
Total Short-Term Assets $329.0M $339.0M
Total Long-Term Assets $10.78B $11.36B
Total Assets $11.11B $11.70B
YoY Change -5.07% 4.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
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 $130.0M $123.0M
YoY Change 5.69% 4.24%
LONG-TERM LIABILITIES
Long-Term Debt $4.887B $5.551B
YoY Change -11.96% 11.02%
Other Long-Term Liabilities $616.0M $603.0M
YoY Change 2.16% 5.98%
Total Long-Term Liabilities $5.503B $6.154B
YoY Change -10.58% 10.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $130.0M $123.0M
Total Long-Term Liabilities $5.503B $6.154B
Total Liabilities $5.633B $6.278B
YoY Change -10.27% 10.39%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $4.214M $4.256M
YoY Change -0.99% 0.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.378B $5.213B
YoY Change
Total Liabilities & Shareholders Equity $11.11B $11.70B
YoY Change -5.07% 4.43%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $100.2M $121.0M
YoY Change -17.25% -377.94%
Depreciation, Depletion And Amortization $75.00M $88.50M
YoY Change -15.25% -8.57%
Cash From Operating Activities $164.3M $193.8M
YoY Change -15.22% -15.26%
INVESTING ACTIVITIES
Capital Expenditures -$121.9M -$140.0M
YoY Change -12.93% -1.34%
Acquisitions
YoY Change
Other Investing Activities $124.4M $9.200M
YoY Change 1252.17% -88.32%
Cash From Investing Activities $2.600M -$130.9M
YoY Change -101.99% 107.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -326.1M -49.40M
YoY Change 560.12% -85.16%
NET CHANGE
Cash From Operating Activities 164.3M 193.8M
Cash From Investing Activities 2.600M -130.9M
Cash From Financing Activities -326.1M -49.40M
Net Change In Cash -159.2M 13.50M
YoY Change -1279.26% -108.07%
FREE CASH FLOW
Cash From Operating Activities $164.3M $193.8M
Capital Expenditures -$121.9M -$140.0M
Free Cash Flow $286.2M $333.8M
YoY Change -14.26% -9.93%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;">Reclassifications -</div></div> <div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; text-indent: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Certain amounts in the prior period have been reclassified in order to conform with the current period&#x2019;s presentation. The Company reclassified <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.1</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$22.7</div> million of costs related to property management and services of the Company&#x2019;s operating properties from General and administrative to Operating and maintenance on the Company&#x2019;s Condensed Consolidated Statements of Income for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>respectively. In conjunction with the adoption of Accounting Standard Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> discussed below, the Company reclassified <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$59.5</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$178.6</div> million of Reimbursement income and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.6</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.2</div> million of Other rental property income from Revenues from rental properties on the Company&#x2019;s Condensed Consolidated Statements of Income for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>respectively.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-6046000
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-95410000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
122254000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-42000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
677000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
2442000
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
596502000
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
76869000
us-gaap Profit Loss
ProfitLoss
355105000
us-gaap Profit Loss
ProfitLoss
410516000
CY2018Q3 us-gaap Profit Loss
ProfitLoss
100725000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
122216000
CY2018Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1389000
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
701000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4571000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4201000
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
10700000
CY2018Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
2376667000
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
2433053000
CY2018Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
9043480000
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
9817875000
CY2018Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
37862000
CY2017Q3 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
38363000
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
115570000
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
115379000
CY2018Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
20074000
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
16143000
CY2016Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
86953000
CY2017Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
16139000
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
10025000
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
11508000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
315095000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
460988000
CY2018Q3 us-gaap Revenues
Revenues
283080000
CY2017Q3 us-gaap Revenues
Revenues
294845000
us-gaap Revenues
Revenues
880561000
us-gaap Revenues
Revenues
885609000
CY2018Q3 us-gaap Secured Debt
SecuredDebt
477974000
CY2017Q4 us-gaap Secured Debt
SecuredDebt
882787000
us-gaap Share Based Compensation
ShareBasedCompensation
14455000
us-gaap Share Based Compensation
ShareBasedCompensation
17836000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
5599000
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
4290000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1174000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
487000
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
225000000
CY2018Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
300000000
CY2018Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
224900000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
5100000
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
75126000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
5378250000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
5394244000
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5456097000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5522147000
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5402874000
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5408144000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest Adjusted Balance1
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1
5530245000
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
3918000
CY2018Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
3918000
CY2017Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
3918000
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
CY2018Q3 us-gaap Variable Interest Entity Consolidated Assets Pledged
VariableInterestEntityConsolidatedAssetsPledged
234165000
CY2017Q4 us-gaap Variable Interest Entity Consolidated Assets Pledged
VariableInterestEntityConsolidatedAssetsPledged
644990000
CY2018Q3 us-gaap Variable Interest Entity Consolidated Liabilities No Recourse
VariableInterestEntityConsolidatedLiabilitiesNoRecourse
143399000
CY2017Q4 us-gaap Variable Interest Entity Consolidated Liabilities No Recourse
VariableInterestEntityConsolidatedLiabilitiesNoRecourse
417688000
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
534000
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
513000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
515000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
556000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
419764000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
424311000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
422443000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
424193000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
419230000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
423688000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
421106000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
423574000

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