2013 Q2 Form 10-Q Financial Statement

#000104746913008247 Filed on August 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $245.9M $185.1M
YoY Change 32.87% 2.07%
Cost Of Revenue $101.5M $83.30M
YoY Change 21.85% 4.13%
Gross Profit $144.4M $107.2M
YoY Change 34.7% 5.82%
Gross Profit Margin 58.73% 57.93%
Selling, General & Admin $6.700M $5.700M
YoY Change 17.54% 54.05%
% of Gross Profit 4.64% 5.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $95.90M $75.80M
YoY Change 26.52% 9.22%
% of Gross Profit 66.41% 70.71%
Operating Expenses $95.20M $72.50M
YoY Change 31.31% 12.06%
Operating Profit $49.20M $34.70M
YoY Change 41.79% -5.19%
Interest Expense $50.38M $43.30M
YoY Change 16.35% -1.75%
% of Operating Profit 102.39% 124.78%
Other Income/Expense, Net -$2.100M -$1.300M
YoY Change 61.54% 8.33%
Pretax Income $89.90M $9.300M
YoY Change 866.67% -47.75%
Income Tax -$1.477M -$3.075M
% Of Pretax Income -1.64% -33.06%
Net Earnings $234.8M $144.5M
YoY Change 62.45% -791.23%
Net Earnings / Revenue 95.5% 78.11%
Basic Earnings Per Share $1.57 $1.00
Diluted Earnings Per Share $1.57 $1.00
COMMON SHARES
Basic Shares Outstanding 139.4M shares
Diluted Shares Outstanding 139.5M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.00M $90.00M
YoY Change -47.78% 23.29%
Cash & Equivalents $46.94M $89.80M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $127.0M $102.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $174.0M $192.0M
YoY Change -9.38% 16.36%
LONG-TERM ASSETS
Property, Plant & Equipment $7.779B $5.945B
YoY Change 30.85% 5.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $949.7M $1.121B
YoY Change -15.27% -8.95%
Other Assets $119.0M $93.00M
YoY Change 27.96% -30.08%
Total Long-Term Assets $9.376B $7.539B
YoY Change 24.37% 3.49%
TOTAL ASSETS
Total Short-Term Assets $174.0M $192.0M
Total Long-Term Assets $9.376B $7.539B
Total Assets $9.550B $7.731B
YoY Change 23.53% 3.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $72.00M $58.00M
YoY Change 24.14% -17.14%
Accrued Expenses $320.0M $270.0M
YoY Change 18.52% 9.31%
Deferred Revenue
YoY Change
Short-Term Debt $567.0M $764.0M
YoY Change -25.79% -2.3%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $959.0M $1.092B
YoY Change -12.18% -0.64%
LONG-TERM LIABILITIES
Long-Term Debt $4.624B $3.302B
YoY Change 40.04% 6.62%
Other Long-Term Liabilities $289.0M $199.0M
YoY Change 45.23% -1.0%
Total Long-Term Liabilities $4.913B $3.501B
YoY Change 40.33% 6.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $959.0M $1.092B
Total Long-Term Liabilities $4.913B $3.501B
Total Liabilities $6.215B $4.593B
YoY Change 35.31% -1.87%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.335B $2.796B
YoY Change
Total Liabilities & Shareholders Equity $9.550B $7.731B
YoY Change 23.53% 3.77%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $234.8M $144.5M
YoY Change 62.45% -791.23%
Depreciation, Depletion And Amortization $95.90M $75.80M
YoY Change 26.52% 9.22%
Cash From Operating Activities $75.30M $58.40M
YoY Change 28.94% 20.66%
INVESTING ACTIVITIES
Capital Expenditures -$22.70M -$61.70M
YoY Change -63.21% 11.57%
Acquisitions
YoY Change
Other Investing Activities $358.8M $140.9M
YoY Change 154.65% -305.09%
Cash From Investing Activities $336.1M $79.20M
YoY Change 324.37% -163.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -433.3M -277.1M
YoY Change 56.37% 606.89%
NET CHANGE
Cash From Operating Activities 75.30M 58.40M
Cash From Investing Activities 336.1M 79.20M
Cash From Financing Activities -433.3M -277.1M
Net Change In Cash -21.90M -139.5M
YoY Change -84.3% 21.52%
FREE CASH FLOW
Cash From Operating Activities $75.30M $58.40M
Capital Expenditures -$22.70M -$61.70M
Free Cash Flow $98.00M $120.1M
YoY Change -18.4% 15.81%

Facts In Submission

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137507010 shares
CY2013Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
140709202 shares
CY2012Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
137507010 shares
us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
226379000 USD
us-gaap Percentage Rent
PercentageRent
6251000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
123605000 USD
mac Management Fees And Other Revenues
ManagementFeesAndOtherRevenues
20872000 USD
us-gaap Other Income
OtherIncome
16850000 USD
us-gaap Revenues
Revenues
393957000 USD
us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
124562000 USD
us-gaap Owned Property Management Costs
OwnedPropertyManagementCosts
46259000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10174000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
140699000 USD
mac Costs And Expenses Before Interest Total
CostsAndExpensesBeforeInterestTotal
321694000 USD
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
7773000 USD
us-gaap Interest Expense Other
InterestExpenseOther
78048000 USD
us-gaap Interest Expense
InterestExpense
85821000 USD
us-gaap Costs And Expenses
CostsAndExpenses
407515000 USD
mac Income Loss From Coventure Operations
IncomeLossFromCoventureOperations
-2395000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1721000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1225000 USD
mac Gain Loss On Sale Or Remeasurement Of Assets And Interests In Unconsolidated Entities
GainLossOnSaleOrRemeasurementOfAssetsAndInterestsInUnconsolidatedEntities
17969000 USD
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
75828000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
4441000 USD
us-gaap Profit Loss
ProfitLoss
132819000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
156843000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
937000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5510000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1582000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
7886000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-9700000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-4226000 USD
us-gaap Increase Decrease Due From Affiliates
IncreaseDecreaseDueFromAffiliates
185000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4838000 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-37622000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
144598000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
492577000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
12500000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
689000 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
14302000 USD
mac Distributions Of Capital From Unconsolidated Entities And Other
DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther
71522000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
40918000 USD
us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
592000 USD
mac Proceeds From Sale Of Partnership Interests Other Assets And Discontinued Operations Net
ProceedsFromSaleOfPartnershipInterestsOtherAssetsAndDiscontinuedOperationsNet
130645000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-5760000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
7702000 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
1235885000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1191245000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3000000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
15000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
776000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
161139000 USD
mac Distributions To Co Venture Partner
DistributionsToCoVenturePartner
7990000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-129751000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
22549000 USD
us-gaap Interest Paid Net
InterestPaidNet
88573000 USD
us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
17325000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
67248000 USD
CY2013Q2 mac Stock Issued Value Conversion Of Units
StockIssuedValueConversionOfUnits
12984000 USD
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.16
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2088000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1772000 USD
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
156000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1877000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1225000 USD
CY2012Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3075000 USD
mac Contingent Rent Expense
ContingentRentExpense
0 USD
CY2013Q2 mac Contingent Rent Expense
ContingentRentExpense
0 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10868000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7282000 USD
CY2012Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-29864000 USD
CY2013Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-22692000 USD
CY2013Q2 mac Mortgage Notes Payable Probable Recourse Amount
MortgageNotesPayableProbableRecourseAmount
216421000 USD
CY2012Q4 mac Mortgage Notes Payable Probable Recourse Amount
MortgageNotesPayableProbableRecourseAmount
213466000 USD
CY2012Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
28208000 USD
mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
1371000 USD
mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
5925000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
5401000 USD
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
133354000 USD
CY2012Q2 mac Equity Method Investment Summarized Financial Information Tenant Reimbursements
EquityMethodInvestmentSummarizedFinancialInformationTenantReimbursements
66966000 USD
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
143941000 USD
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
133839000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
119286000 USD
CY2012Q2 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
115000 USD
CY2012Q2 mac Net Income Loss Available To Common Stockholders After Allocation To Participating Securities Diluted
NetIncomeLossAvailableToCommonStockholdersAfterAllocationToParticipatingSecuritiesDiluted
133239000 USD
mac Net Income Loss Available To Common Stockholders After Allocation To Participating Securities Basic
NetIncomeLossAvailableToCommonStockholdersAfterAllocationToParticipatingSecuritiesBasic
118906000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138460000 shares
CY2013Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
90875000 USD
CY2012Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
10704000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
20256000 USD
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
15819000 USD
us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
380000 USD
CY2012Q2 mac Equity Method Investment Summarized Financial Information Gain Loss On Sale And Remeasurement Of Assets
EquityMethodInvestmentSummarizedFinancialInformationGainLossOnSaleAndRemeasurementOfAssets
-24000 USD
CY2012Q2 mac Equity Method Investment Summarized Financial Information Depreciation And Amortization
EquityMethodInvestmentSummarizedFinancialInformationDepreciationAndAmortization
47045000 USD
mac Net Income Loss Available To Common Stockholders After Allocation To Participating Securities Diluted
NetIncomeLossAvailableToCommonStockholdersAfterAllocationToParticipatingSecuritiesDiluted
118906000 USD
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
139372000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
121000 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
154000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
138581000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139526000 shares
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.72
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.61
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.99
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.96
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.56
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.72
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.61
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.56
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.99
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.96
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
CY2012Q2 mac Equity Method Investment Summarized Financial Information Operating Expenses
EquityMethodInvestmentSummarizedFinancialInformationOperatingExpenses
176270000 USD
CY2012Q2 mac Equity Method Investment Summarized Financial Information Other Revenue
EquityMethodInvestmentSummarizedFinancialInformationOtherRevenue
11710000 USD
CY2012Q2 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
216813000 USD
CY2012Q2 mac Equity Method Investment Summarized Financial Information Cost Of Real Estate Revenue
EquityMethodInvestmentSummarizedFinancialInformationCostOfRealEstateRevenue
75646000 USD
CY2012Q2 mac Equity Method Investment Summarized Financial Information Interest Expense
EquityMethodInvestmentSummarizedFinancialInformationInterestExpense
53579000 USD
CY2012Q2 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
40519000 USD
CY2012Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
18691000 USD
CY2012Q2 mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
4891000 USD
CY2013Q2 mac Write Off Of Development Cost
WriteOffOfDevelopmentCost
798000 USD
CY2013Q2 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
272031000 USD
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5731000 USD
CY2012Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3165000 USD
CY2012Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
452000 USD
CY2013Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
650000 USD
CY2013Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1352000 USD
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3075000 USD
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1477000 USD

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