2018 Q1 Form 10-Q Financial Statement

#000091224218000007 Filed on May 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $236.7M $247.0M
YoY Change -4.17% -3.5%
Cost Of Revenue $112.8M $104.4M
YoY Change 8.05% -2.61%
Gross Profit $123.9M $142.6M
YoY Change -13.11% -4.17%
Gross Profit Margin 52.34% 57.72%
Selling, General & Admin $8.000M $8.500M
YoY Change -5.88% -1.16%
% of Gross Profit 6.46% 5.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $81.52M $84.55M
YoY Change -3.58% -4.11%
% of Gross Profit 65.8% 59.29%
Operating Expenses $88.00M $91.60M
YoY Change -3.93% -4.08%
Operating Profit $35.90M $51.00M
YoY Change -29.61% -4.32%
Interest Expense $52.64M $41.30M
YoY Change 27.44% 3.83%
% of Operating Profit 146.62% 80.98%
Other Income/Expense, Net $0.00 -$3.900M
YoY Change -100.0% 18.18%
Pretax Income -$37.30M $71.30M
YoY Change -152.31% -84.25%
Income Tax -$2.949M -$3.484M
% Of Pretax Income -4.89%
Net Earnings -$34.38M $74.81M
YoY Change -145.96% -83.43%
Net Earnings / Revenue -14.52% 30.28%
Basic Earnings Per Share -$0.24 $0.48
Diluted Earnings Per Share -$0.24 $0.48
COMMON SHARES
Basic Shares Outstanding 141.0M shares 143.6M shares
Diluted Shares Outstanding 141.1M shares 143.7M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.0M $92.00M
YoY Change 28.26% -14.02%
Cash & Equivalents $118.2M $92.30M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $179.0M $193.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $297.0M $285.0M
YoY Change 4.21% -2.73%
LONG-TERM ASSETS
Property, Plant & Equipment $6.908B $7.207B
YoY Change -4.15% -4.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.360B $1.711B
YoY Change -20.47% -7.26%
Other Assets $224.0M $98.00M
YoY Change 128.57% 22.5%
Total Long-Term Assets $8.860B $9.427B
YoY Change -6.01% -4.95%
TOTAL ASSETS
Total Short-Term Assets $297.0M $285.0M
Total Long-Term Assets $8.860B $9.427B
Total Assets $9.157B $9.712B
YoY Change -5.71% -4.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.00M $63.00M
YoY Change 6.35% -3.08%
Accrued Expenses $223.0M $317.0M
YoY Change -29.65% -15.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $290.0M $380.0M
YoY Change -23.68% -13.64%
LONG-TERM LIABILITIES
Long-Term Debt $5.302B $4.902B
YoY Change 8.16% 5.22%
Other Long-Term Liabilities $156.0M $155.0M
YoY Change 0.65% 86.75%
Total Long-Term Liabilities $5.458B $5.057B
YoY Change 7.93% 6.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $290.0M $380.0M
Total Long-Term Liabilities $5.458B $5.057B
Total Liabilities $5.749B $5.438B
YoY Change 5.71% 4.95%
SHAREHOLDERS EQUITY
Retained Earnings -$1.393B -$574.6M
YoY Change 142.5% 226.89%
Common Stock $4.551B $4.532B
YoY Change 0.42% -6.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.158B $3.957B
YoY Change
Total Liabilities & Shareholders Equity $9.157B $9.712B
YoY Change -5.71% -4.89%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$34.38M $74.81M
YoY Change -145.96% -83.43%
Depreciation, Depletion And Amortization $81.52M $84.55M
YoY Change -3.58% -4.11%
Cash From Operating Activities $94.97M $102.7M
YoY Change -7.53% -14.32%
INVESTING ACTIVITIES
Capital Expenditures -$5.000M -$4.400M
YoY Change 13.64% -16.98%
Acquisitions
YoY Change
Other Investing Activities $316.4M $211.5M
YoY Change 49.6% -41.85%
Cash From Investing Activities $311.4M $207.2M
YoY Change 50.31% -42.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $132.6M
YoY Change -100.0% -66.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$381.6M -$311.6M
YoY Change 22.49% -32.02%
NET CHANGE
Cash From Operating Activities $94.97M $102.7M
Cash From Investing Activities $311.4M $207.2M
Cash From Financing Activities -$381.6M -$311.6M
Net Change In Cash $24.75M -$1.687M
YoY Change -1566.92% -108.44%
FREE CASH FLOW
Cash From Operating Activities $94.97M $102.7M
Capital Expenditures -$5.000M -$4.400M
Free Cash Flow $99.97M $107.1M
YoY Change -6.66% -14.43%

Facts In Submission

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CY2018Q1 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;color:#000000;font-weight:bold;text-decoration:none;">Organization</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">:</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Macerich Company (the "Company") is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers (the "Centers") located throughout the United States.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company commenced operations effective with the completion of its initial public offering on March&#160;16, 1994. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company was the sole general partner of and held a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">93%</font><font style="font-family:inherit;font-size:10pt;"> ownership interest in The Macerich Partnership,&#160;L.P. (the "Operating Partnership"). The Company was organized to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code").</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The property management, leasing and redevelopment of the Company's portfolio is provided by the Company's management companies, Macerich Property Management Company,&#160;LLC, a single member Delaware limited liability company, Macerich Management Company, a California corporation, Macerich Arizona Partners&#160;LLC, a single member Arizona limited liability company, Macerich Arizona Management&#160;LLC, a single member Delaware limited liability company, Macerich Partners of Colorado LLC, a single member Colorado limited liability company, MACW Mall Management,&#160;Inc., a New York corporation, and MACW Property Management,&#160;LLC, a single member New York limited liability company. All </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">seven</font><font style="font-family:inherit;font-size:10pt;"> of the management companies are collectively referred to herein as the "Management Companies."</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All references to the Company in this Quarterly Report on Form&#160;10-Q include the Company, those entities owned or controlled by the Company and predecessors of the Company, unless the context indicates otherwise.</font></div></div>

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