2017 Q4 Form 10-Q Financial Statement

#000144483817000035 Filed on November 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $102.2M $97.69M $106.0M
YoY Change 7.18% -7.82% 0.51%
Cost Of Revenue $12.40M $11.70M $11.50M
YoY Change -0.8% 1.74% -14.81%
Gross Profit $89.80M $86.00M $94.50M
YoY Change 0.34% -8.99% 2.72%
Gross Profit Margin 87.89% 88.03% 89.17%
Selling, General & Admin $8.600M $8.000M $7.500M
YoY Change 6.17% 6.67% 11.94%
% of Gross Profit 9.58% 9.3% 7.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.30M $43.50M $40.30M
YoY Change 9.42% 7.94% 1.51%
% of Gross Profit 50.45% 50.58% 42.65%
Operating Expenses $53.90M $51.50M $47.70M
YoY Change 9.11% 7.97% 2.8%
Operating Profit $35.90M $34.50M $46.80M
YoY Change -10.47% -26.28% 2.63%
Interest Expense -$20.10M $18.89M $23.00M
YoY Change 3.08% -17.89% 4.88%
% of Operating Profit -55.99% 54.74% 49.15%
Other Income/Expense, Net $5.400M $1.005M $3.080M
YoY Change 54.29% -67.37% 22.47%
Pretax Income $32.00M $5.688M -$27.49M
YoY Change 40.97% -120.69% 409.92%
Income Tax $700.0K $375.0K $462.0K
% Of Pretax Income 2.19% 6.59%
Net Earnings $29.24M $3.916M -$26.98M
YoY Change 103.15% -114.52% 253.59%
Net Earnings / Revenue 28.61% 4.01% -25.45%
Basic Earnings Per Share $0.12 $0.02 -$0.12
Diluted Earnings Per Share $0.12 $0.02 -$0.12
COMMON SHARES
Basic Shares Outstanding 240.7M shares 238.0M shares 234.2M shares
Diluted Shares Outstanding 241.7M shares 234.2M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.8M $140.5M $117.8M
YoY Change 24.48% 19.27% 36.5%
Cash & Equivalents $107.8M $140.5M $117.8M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $5.450M $6.388M $8.875M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $166.0M $193.5M $149.5M
YoY Change 32.17% 29.43% -14.67%
LONG-TERM ASSETS
Property, Plant & Equipment $3.310B $3.233B $2.995B
YoY Change 9.3% 7.95% -8.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $17.48M $60.70M $64.00M
YoY Change -73.96% -5.16% 127.76%
Other Assets $38.90M $76.00M $106.9M
YoY Change -55.95% -28.91% 43.3%
Total Long-Term Assets $3.387B $3.402B $3.300B
YoY Change 2.15% 3.07% -5.09%
TOTAL ASSETS
Total Short-Term Assets $166.0M $193.5M $149.5M
Total Long-Term Assets $3.387B $3.402B $3.300B
Total Assets $3.553B $3.595B $3.450B
YoY Change 3.24% 4.21% -5.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.60M $36.70M $15.20M
YoY Change -34.02% 141.45% -58.36%
Accrued Expenses $5.400M $11.70M $11.60M
YoY Change -19.4% 0.86% -21.09%
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 $93.50M $96.90M $74.70M
YoY Change -16.89% 29.72% -22.59%
LONG-TERM LIABILITIES
Long-Term Debt $2.069B $2.089B $1.880B
YoY Change 11.2% 11.12% -7.01%
Other Long-Term Liabilities $49.80M $49.90M $79.20M
YoY Change -10.91% -36.99% 18.74%
Total Long-Term Liabilities $2.119B $2.139B $1.959B
YoY Change 10.55% 9.18% -6.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.50M $96.90M $74.70M
Total Long-Term Liabilities $2.119B $2.139B $1.959B
Total Liabilities $2.212B $2.236B $2.034B
YoY Change 9.03% 9.93% -6.91%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $24.00K $24.00K $24.00K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.324B $1.342B $1.397B
YoY Change
Total Liabilities & Shareholders Equity $3.553B $3.595B $3.450B
YoY Change 3.24% 4.21% -5.55%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $29.24M $3.916M -$26.98M
YoY Change 103.15% -114.52% 253.59%
Depreciation, Depletion And Amortization $45.30M $43.50M $40.30M
YoY Change 9.42% 7.94% 1.51%
Cash From Operating Activities $55.50M $66.40M $63.70M
YoY Change 1.46% 4.24% -7.68%
INVESTING ACTIVITIES
Capital Expenditures -$143.7M -$275.3M -$85.50M
YoY Change 14.68% 221.99% 88.33%
Acquisitions
YoY Change
Other Investing Activities $89.60M $35.30M $101.1M
YoY Change 4.43% -65.08% 19.36%
Cash From Investing Activities -$54.20M -$240.0M $15.60M
YoY Change 37.22% -1638.46% -60.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -64.70M 220.0M -21.20M
YoY Change 39.44% -1137.74% -75.43%
NET CHANGE
Cash From Operating Activities 55.50M 66.40M 63.70M
Cash From Investing Activities -54.20M -240.0M 15.60M
Cash From Financing Activities -64.70M 220.0M -21.20M
Net Change In Cash -63.40M 46.40M 58.10M
YoY Change 103.21% -20.14% 162.9%
FREE CASH FLOW
Cash From Operating Activities $55.50M $66.40M $63.70M
Capital Expenditures -$143.7M -$275.3M -$85.50M
Free Cash Flow $199.2M $341.7M $149.2M
YoY Change 10.67% 129.02% 30.42%

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CY2017Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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NetIncomeLossAvailableToCommonStockholdersBasic
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NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2017Q3 us-gaap Non Recourse Debt
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CY2016Q3 us-gaap Nonoperating Income Expense
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9500000 USD
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NonoperatingIncomeExpense
1005000 USD
us-gaap Nonoperating Income Expense
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4997000 USD
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NotesReceivableNet
94210000 USD
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0 USD
CY2017Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
180 Property
CY2017Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
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CY2016Q3 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
98602000 USD
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310804000 USD
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OperatingLeasesIncomeStatementLeaseRevenue
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us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
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37888000 USD
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OtherAssets
32124000 USD
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OtherComprehensiveIncomeLossNetOfTax
2637000 USD
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OtherComprehensiveIncomeLossNetOfTax
-2944000 USD
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OtherComprehensiveIncomeLossNetOfTax
67000 USD
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OtherComprehensiveIncomeLossNetOfTax
1543000 USD
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2637000 USD
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2944000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
67000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1543000 USD
CY2016Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
50000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
187000 USD
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ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
52000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
183000 USD
CY2017Q3 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
3225000 shares
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
3267000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
13367000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
105548000 USD
us-gaap Payments For Construction In Process
PaymentsForConstructionInProcess
81364000 USD
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PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
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PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
-10938000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
8973000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
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PaymentsOfDividends
123287000 USD
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1841000 USD
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33554000 USD
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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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PreferredStockLiquidationPreferenceValue
96770000 USD
CY2017Q3 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
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CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
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PreferredStockParOrStatedValuePerShare
0.0001
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100000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
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PreferredStockSharesIssued
1935400 shares
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PreferredStockSharesIssued
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PreferredStockSharesOutstanding
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PreferredStockSharesOutstanding
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94016000 USD
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7299000 USD
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ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
477000 USD
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2686000 USD
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us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
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ProceedsFromIssuanceOfUnsecuredDebt
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us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
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us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
0 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
1572000 USD
us-gaap Proceeds From Sale Of Equity Method Investments
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0 USD
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ProceedsFromSaleOfEquityMethodInvestments
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293634000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
186499000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
-27612000 USD
us-gaap Profit Loss
ProfitLoss
79521000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
5596000 USD
us-gaap Profit Loss
ProfitLoss
55181000 USD
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RealEstateInvestmentPropertyAtCost
3533172000 USD
CY2017Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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RealEstateInvestmentPropertyNet
3028326000 USD
CY2017Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
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RealEstateRevenueNet
105981000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
334170000 USD
us-gaap Real Estate Revenue Net
RealEstateRevenueNet
289472000 USD
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
672000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
41488000 USD
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StockholdersEquity
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StockholdersEquity
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RealEstateRevenueNet
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us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
103473000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
20887000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1462531000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1422888000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1412491000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
23243000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
31142000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
34946000 USD
CY2016Q4 us-gaap Senior Notes
SeniorNotes
494362000 USD
CY2017Q3 us-gaap Senior Notes
SeniorNotes
494989000 USD
CY2015Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
10000000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
8973000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1359495000 USD
CY2016Q3 us-gaap Tenant Reimbursements
TenantReimbursements
7379000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
23366000 USD
CY2017Q3 us-gaap Tenant Reimbursements
TenantReimbursements
7985000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
23549000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
7.56
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1184113 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2016Q4 us-gaap Unsecured Debt
UnsecuredDebt
127096000 USD
CY2017Q3 us-gaap Unsecured Debt
UnsecuredDebt
127171000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
234207396 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
237215883 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
241702715 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
241442227 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
234207396 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233151600 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
237989098 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
237632572 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;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 to prepare these unaudited condensed consolidated financial statements in conformity with GAAP, including, among others, those relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. 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. Management adjusts such estimates when facts and circumstances dictate. The most significant estimates made include the recoverability of accounts receivable, the 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, the valuation of derivative financial instruments, the valuation of compensation plans and the useful lives of long-lived assets. Actual results could differ materially from those estimates.</font></div></div>

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