2013 Q4 Form 10-K Financial Statement

#000144483815000008 Filed on February 26, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $100.5M $87.90M $88.40M
YoY Change 9.12% 4.89% 11.95%
Cost Of Revenue $11.10M $14.60M $14.20M
YoY Change -22.38% 0.0% 2.9%
Gross Profit $73.70M $78.40M $78.30M
YoY Change 0.96% 11.36% 17.39%
Gross Profit Margin 73.36% 89.2% 88.58%
Selling, General & Admin $8.300M $6.400M $6.900M
YoY Change 25.76% 10.34% 11.29%
% of Gross Profit 11.26% 8.16% 8.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.50M $41.10M $40.80M
YoY Change -12.21% 5.38% 9.68%
% of Gross Profit 46.81% 52.42% 52.11%
Operating Expenses $42.90M $47.50M $47.80M
YoY Change -6.54% 6.03% 10.14%
Operating Profit $30.80M $30.90M $30.50M
YoY Change 13.65% 20.7% 30.9%
Interest Expense -$19.40M $22.06M $21.44M
YoY Change -13.0% -8.64% -8.65%
% of Operating Profit -62.99% 71.38% 70.3%
Other Income/Expense, Net $2.800M $2.147M $1.470M
YoY Change 133.33% 58.33% -9.59%
Pretax Income -$18.80M $8.057M -$359.0K
YoY Change 944.44% -95.16% -72.51%
Income Tax $200.0K $2.433M $152.0K
% Of Pretax Income 30.2%
Net Earnings -$8.923M $2.978M -$849.0K
YoY Change 26.77% -98.24% -74.97%
Net Earnings / Revenue -8.88% 3.39% -0.96%
Basic Earnings Per Share -$0.04 $0.01 $0.00
Diluted Earnings Per Share -$0.04 $0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 228.4M shares 213.6M shares 211.6M shares
Diluted Shares Outstanding 214.4M shares 211.6M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.30M $86.20M $74.30M
YoY Change 127.35% 19.06% 48.01%
Cash & Equivalents $77.26M $86.18M $74.28M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $29.60M $12.20M $10.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $106.9M $98.40M $84.80M
YoY Change 158.21% 22.85% 48.25%
LONG-TERM ASSETS
Property, Plant & Equipment $3.111B $3.108B $3.137B
YoY Change -1.71% -0.39% 16.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.40M $15.20M $11.20M
YoY Change -32.1% 74.71% -88.43%
Other Assets $86.90M $86.80M $84.20M
YoY Change 3.08% 13.17% 7.95%
Total Long-Term Assets $3.665B $3.354B $3.359B
YoY Change 8.55% 1.45% 13.47%
TOTAL ASSETS
Total Short-Term Assets $106.9M $98.40M $84.80M
Total Long-Term Assets $3.665B $3.354B $3.359B
Total Assets $3.772B $3.453B $3.444B
YoY Change 10.36% 1.96% 14.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.60M $42.10M $56.90M
YoY Change -43.75% -43.11% -4.53%
Accrued Expenses $9.600M $11.60M $9.900M
YoY Change -20.0% 19.59% -16.81%
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 $89.20M $88.20M $100.8M
YoY Change -21.62% -21.04% 5.55%
LONG-TERM LIABILITIES
Long-Term Debt $2.056B $1.820B $1.778B
YoY Change 9.46% -8.74% 2.23%
Other Long-Term Liabilities $87.70M $89.90M $89.60M
YoY Change -5.8% -14.79% -12.5%
Total Long-Term Liabilities $2.144B $1.910B $1.868B
YoY Change 8.74% -9.04% 1.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.20M $88.20M $100.8M
Total Long-Term Liabilities $2.144B $1.910B $1.868B
Total Liabilities $2.233B $1.998B $1.969B
YoY Change 7.09% -9.64% 1.62%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $23.00K $22.00K $21.00K
YoY Change 27.78% 37.5% 31.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.516B $1.430B $1.450B
YoY Change
Total Liabilities & Shareholders Equity $3.772B $3.453B $3.444B
YoY Change 10.36% 1.96% 14.13%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income -$8.923M $2.978M -$849.0K
YoY Change 26.77% -98.24% -74.97%
Depreciation, Depletion And Amortization $34.50M $41.10M $40.80M
YoY Change -12.21% 5.38% 9.68%
Cash From Operating Activities $51.20M $59.90M $38.10M
YoY Change 45.45% 25.58% 2.7%
INVESTING ACTIVITIES
Capital Expenditures -$403.4M -$49.10M -$32.90M
YoY Change 220.92% 11.34% -47.19%
Acquisitions
YoY Change
Other Investing Activities -$21.00M -$12.60M $34.10M
YoY Change -2009.09% -124.47% -50.36%
Cash From Investing Activities -$424.4M -$61.70M $1.200M
YoY Change 240.61% -933.78% -80.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 364.2M 13.70M -76.30M
YoY Change 615.52% -141.77% 77.03%
NET CHANGE
Cash From Operating Activities 51.20M 59.90M 38.10M
Cash From Investing Activities -424.4M -61.70M 1.200M
Cash From Financing Activities 364.2M 13.70M -76.30M
Net Change In Cash -9.000M 11.90M -37.00M
YoY Change -76.62% -46.64% -12433.33%
FREE CASH FLOW
Cash From Operating Activities $51.20M $59.90M $38.10M
Capital Expenditures -$403.4M -$49.10M -$32.90M
Free Cash Flow $454.6M $109.0M $71.00M
YoY Change 182.54% 18.74% -28.57%

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CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
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0 USD
CY2014 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
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43237000 USD
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181659000 USD
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2683000 USD
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54757000 USD
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371000 USD
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54905000 USD
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12763000 USD
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595000 USD
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91000 USD
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19473000 USD
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40740000 USD
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35239000 USD
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130000 USD
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33000 USD
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106000 USD
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279000 USD
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298000 USD
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299000 USD
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171969000 USD
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237000 USD
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59000 USD
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0.15
CY2014 us-gaap Earnings Per Share Diluted
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0.38
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0.34
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.34
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.34
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7498000 USD
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918000 USD
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1381000 USD
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36445000 USD
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673000 USD
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447764000 USD
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400628000 USD
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35894000 USD
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18014000 USD
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23179000 USD
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26905000 USD
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30221000 USD
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5861000 USD
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0 USD
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855000 USD
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13291000 USD
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24472000 USD
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57507000 USD
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0 USD
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0 USD
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23689000 USD
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28426000 USD
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28255000 USD
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163508000 USD
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-17687000 USD
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48325000 USD
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184173000 USD
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-21021000 USD
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47842000 USD
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0.99
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-0.18
CY2014 us-gaap Income Loss From Continuing Operations Per Basic Share
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0.17
CY2012 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.94
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-0.18
CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.17
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax
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465000 USD
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24884000 USD
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49621000 USD
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0.00
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.11
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.21
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-0.01
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.11
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.21
CY2012 us-gaap Income Loss From Equity Method Investments
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21531000 USD
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-157000 USD
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626000 USD
CY2012 us-gaap Income Tax Expense Benefit
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866000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3177000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1109000 USD
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573000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-164000 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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43000 USD
CY2012 us-gaap Income Tax Reconciliation Other Reconciling Items
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183000 USD
CY2013 us-gaap Income Tax Reconciliation Other Reconciling Items
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3363000 USD
CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
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1057000 USD
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
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110000 USD
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
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-22000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
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9000 USD
CY2012 us-gaap Income Taxes Paid
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1018000 USD
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
4666000 USD
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
859000 USD
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-598000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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6223000 USD
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-3716000 USD
CY2012 us-gaap Increase Decrease In Deferred Income Taxes
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186000 USD
CY2013 us-gaap Increase Decrease In Deferred Income Taxes
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-752000 USD
CY2014 us-gaap Increase Decrease In Deferred Income Taxes
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-124000 USD
CY2012 us-gaap Increase Decrease In Interest Payable Net
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-2473000 USD
CY2013 us-gaap Increase Decrease In Interest Payable Net
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-1058000 USD
CY2014 us-gaap Increase Decrease In Interest Payable Net
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-963000 USD
CY2012 us-gaap Increase Decrease In Leasing Receivables
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1325000 USD
CY2013 us-gaap Increase Decrease In Leasing Receivables
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-4420000 USD
CY2014 us-gaap Increase Decrease In Leasing Receivables
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617000 USD
CY2012 us-gaap Increase Decrease In Restricted Cash
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-5710000 USD
CY2013 us-gaap Increase Decrease In Restricted Cash
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7141000 USD
CY2014 us-gaap Increase Decrease In Restricted Cash
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470455 shares
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18442000 USD
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19402000 USD
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0 USD
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48000000 USD
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1806000 USD
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855000 USD
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554000 USD
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5525000 USD
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10663000 USD
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390000 USD
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656000 USD
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490000 USD
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858000 USD
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149000 USD
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238000 USD
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70000000 USD
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155004000 USD
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0 USD
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1962000 USD
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4558000 USD
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1331000 USD
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0 USD
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0 USD
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113262000 USD
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106009000 USD
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8918000 USD
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2100000 USD
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14826000 USD
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12060000 USD
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10484000 USD
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0 USD
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0 USD
CY2014 us-gaap Payments To Acquire Marketable Securities
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689000 USD
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11470000 USD
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60727000 USD
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43555000 USD
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49952000 USD
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48822000 USD
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17681000 USD
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0.0001
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100000000 shares
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100000000 shares
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351000 USD
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15603000 USD
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1314000 USD
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151000000 USD
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99000000 USD
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0 USD
CY2013 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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247565000 USD
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249708000 USD
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889000 USD
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0 USD
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121000000 USD
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253500000 USD
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27790000 USD
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CY2013 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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0 USD
CY2014 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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725000 USD
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7000000 USD
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155240000 USD
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75519000 USD
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CY2013 us-gaap Profit Loss
ProfitLoss
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42177000 USD
CY2014Q4 us-gaap Profit Loss
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38185000 USD
CY2014 us-gaap Profit Loss
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97463000 USD
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738068000 USD
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775617000 USD
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795486000 USD
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19367000 USD
CY2013 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
84508000 USD
CY2014 us-gaap Real Estate Accumulated Depreciation Other Deductions
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98698000 USD
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
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945216000 USD
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2901446000 USD
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
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755168000 USD
CY2014Q4 us-gaap Real Estate Federal Income Tax Basis
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4400000000 USD
CY2011Q4 us-gaap Real Estate Gross At Carrying Value
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3172246000 USD
CY2012Q4 us-gaap Real Estate Gross At Carrying Value
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3564466000 USD
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3812294000 USD
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
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3671560000 USD
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1223381000 USD
CY2014Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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1196114000 USD
CY2013Q4 us-gaap Real Estate Investment Property At Cost
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3812294000 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
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3671560000 USD
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297008000 USD
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85159000 USD
CY2013Q2 us-gaap Real Estate Revenue Net
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88398000 USD
CY2013Q3 us-gaap Real Estate Revenue Net
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87895000 USD
CY2013Q4 us-gaap Real Estate Revenue Net
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100458000 USD
CY2013 us-gaap Real Estate Revenue Net
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361910000 USD
CY2014Q1 us-gaap Real Estate Revenue Net
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104139000 USD
CY2014Q2 us-gaap Real Estate Revenue Net
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105571000 USD
CY2014Q3 us-gaap Real Estate Revenue Net
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106708000 USD
CY2014Q4 us-gaap Real Estate Revenue Net
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107954000 USD
CY2014 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
424372000 USD
CY2012 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
2427000 USD
CY2013 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
3270000 USD
CY2014 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
233000 USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
19953000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
17379000 USD
CY2012 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
119067000 USD
CY2013 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
122057000 USD
CY2014 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
119156000 USD
CY2013Q4 us-gaap Senior Notes
SeniorNotes
247707000 USD
CY2014Q4 us-gaap Senior Notes
SeniorNotes
497675000 USD
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P5Y
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1603000 USD
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8607000 USD
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2780000 USD
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4557000 USD
CY2012 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
4487060 shares
CY2013 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
7944673 shares
CY2014 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
1904542 shares
CY2012 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
18289557 shares
CY2013 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
36012313 shares
CY2014 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2600795 shares
CY2012 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
643450 shares
CY2013 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
1893409 shares
CY2014 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
37678 shares
CY2012 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
33770000 USD
CY2013 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
60686000 USD
CY2014 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
14347000 USD
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
-534000 USD
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2289000 USD
CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
597000 USD
CY2012 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1197000 USD
CY2013 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1037000 USD
CY2014 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1038000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
1515738000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1485766000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1170203000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1333165000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1539483000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1508920000 USD
CY2012 us-gaap Straight Line Rent
StraightLineRent
7372000 USD
CY2013 us-gaap Straight Line Rent
StraightLineRent
23538000 USD
CY2014 us-gaap Straight Line Rent
StraightLineRent
46254000 USD
CY2012 us-gaap Tenant Reimbursements
TenantReimbursements
22859000 USD
CY2013 us-gaap Tenant Reimbursements
TenantReimbursements
25334000 USD
CY2014 us-gaap Tenant Reimbursements
TenantReimbursements
31338000 USD
CY2013Q4 us-gaap Unsecured Debt
UnsecuredDebt
129120000 USD
CY2014Q4 us-gaap Unsecured Debt
UnsecuredDebt
129120000 USD
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179659826 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
209797238 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
229436708 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
159109424 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
209797238 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
228966253 shares
CY2014 us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications.</font><font style="font-family:inherit;font-size:10pt;"> Certain amounts included in prior years' financial statements have been reclassified to conform to the current year presentation, including certain statement of operations captions including activities for properties sold during </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;">, which are presented as discontinued operations.</font></div></div>
CY2014 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Impairment of Real Estate. </font><font style="font-family:inherit;font-size:10pt;">The Company evaluates the carrying value of all tangible and intangible real estate assets held for investment for possible impairment when an event or change in circumstance has occurred that indicates its carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated&#160;future undiscounted cash flows to be derived from the asset. If such cash flows are less than the asset's carrying value, an impairment charge is recognized to the extent by which the asset's carrying value exceeds its estimated fair value, which may be below the balance of any non-recourse financing. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results.</font></div></div>
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;"> Management has made a number of significant estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses to prepare these consolidated financial statements in conformity with GAAP. These estimates and assumptions are based on management's best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed, the determination of VIEs and which entities should be consolidated, the determination of impairment of long-lived assets, loans receivable and equity method investments, valuation of derivative financial instruments and the useful lives of long-lived assets. Actual results could differ materially from those estimates.</font></div></div>

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