2017 Q2 Form 10-Q Financial Statement

#000087786017000065 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $69.84M $61.20M
YoY Change 14.1% 8.69%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.930M $2.520M
YoY Change 16.27% -6.32%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.82M $14.70M
YoY Change 14.45% 13.0%
% of Gross Profit
Operating Expenses $31.49M $42.60M
YoY Change -26.1% 73.14%
Operating Profit $38.34M $18.60M
YoY Change 106.13%
Interest Expense $11.73M $10.67M
YoY Change 9.99% 14.85%
% of Operating Profit 30.6% 57.34%
Other Income/Expense, Net $20.00K
YoY Change
Pretax Income $38.24M $18.60M
YoY Change 105.59% -41.34%
Income Tax
% Of Pretax Income
Net Earnings $38.25M $44.60M
YoY Change -14.24% 43.02%
Net Earnings / Revenue 54.76% 72.86%
Basic Earnings Per Share $0.93 $1.16
Diluted Earnings Per Share $0.93 $1.16
COMMON SHARES
Basic Shares Outstanding 40.98M shares 38.52M shares
Diluted Shares Outstanding 41.25M shares 38.56M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.926M $27.63M
YoY Change -85.79% 53.85%
Cash & Equivalents $3.926M $3.876M
Short-Term Investments $0.00 $23.75M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.800M $3.900M
Other Receivables $83.20M $62.00M
Total Short-Term Assets $90.50M $69.80M
YoY Change 29.66% 29.98%
LONG-TERM ASSETS
Property, Plant & Equipment $2.267B $2.066B
YoY Change 9.72% 18.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.197M
YoY Change -19.23%
Other Assets $4.400M $8.600M
YoY Change -48.84% -74.85%
Total Long-Term Assets $2.421B $2.266B
YoY Change 6.84% 15.65%
TOTAL ASSETS
Total Short-Term Assets $90.50M $69.80M
Total Long-Term Assets $2.421B $2.266B
Total Assets $2.511B $2.335B
YoY Change 7.52% 16.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.30M $26.20M
YoY Change -30.15% 81.94%
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 $79.60M $82.70M
YoY Change -3.75% 22.34%
LONG-TERM LIABILITIES
Long-Term Debt $1.145B $1.073B
YoY Change 6.73% 20.13%
Other Long-Term Liabilities $1.200M
YoY Change -78.57%
Total Long-Term Liabilities $1.145B $1.074B
YoY Change 6.61% 19.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.60M $82.70M
Total Long-Term Liabilities $1.145B $1.074B
Total Liabilities $1.225B $1.157B
YoY Change 5.86% 19.71%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.255B $1.136B
YoY Change 10.46% 9.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.286B $1.170B
YoY Change
Total Liabilities & Shareholders Equity $2.511B $2.335B
YoY Change 7.52% 16.03%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $38.25M $44.60M
YoY Change -14.24% 43.02%
Depreciation, Depletion And Amortization $16.82M $14.70M
YoY Change 14.45% 13.0%
Cash From Operating Activities $46.20M $41.90M
YoY Change 10.26% 1.21%
INVESTING ACTIVITIES
Capital Expenditures -$10.40M -$252.1M
YoY Change -95.87% 252000.0%
Acquisitions
YoY Change
Other Investing Activities $2.900M $35.90M
YoY Change -91.92% -1595.83%
Cash From Investing Activities -$7.500M -$216.2M
YoY Change -96.53% 8908.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.00M 149.4M
YoY Change -127.44% -474.44%
NET CHANGE
Cash From Operating Activities 46.20M 41.90M
Cash From Investing Activities -7.500M -216.2M
Cash From Financing Activities -41.00M 149.4M
Net Change In Cash -2.300M -24.90M
YoY Change -90.76% 2666.67%
FREE CASH FLOW
Cash From Operating Activities $46.20M $41.90M
Capital Expenditures -$10.40M -$252.1M
Free Cash Flow $56.60M $294.0M
YoY Change -80.75% 608.43%

Facts In Submission

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MarketableSecuritiesRealizedGainLoss
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us-gaap Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Operating Expenses
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingLeasesIncomeStatementLeaseRevenue
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OperatingLeasesIncomeStatementLeaseRevenue
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0 USD
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-690000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-225000 USD
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4620000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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7456000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2016Q2 us-gaap Other Income
OtherIncome
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us-gaap Other Income
OtherIncome
1652000 USD
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OtherIncome
109000 USD
us-gaap Other Income
OtherIncome
271000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
386000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
470000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
8446000 USD
CY2016Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
26415000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
28080000 USD
CY2017Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
0 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
10088000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
815000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
2891000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
67201000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
74651000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
822000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
360000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6400000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
41673000 USD
us-gaap Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
30950000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
261610000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
128411000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
15554000 USD
CY2017Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
197575000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
50190000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
79772000 USD
us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
27723000 USD
us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
450000 USD
us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
15855000 USD
us-gaap Proceeds From Sale And Collection Of Mortgage Notes Receivable
ProceedsFromSaleAndCollectionOfMortgageNotesReceivable
24155000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
56449000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
18182000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
44981000 USD
us-gaap Profit Loss
ProfitLoss
78090000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
38245000 USD
us-gaap Profit Loss
ProfitLoss
82475000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2472854000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2612804000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2159774000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2266812000 USD
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0 USD
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
2766000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
381000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
394000 USD
CY2016Q4 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
4046000 USD
CY2017Q2 us-gaap Replacement Reserve Escrow
ReplacementReserveEscrow
4419000 USD
CY2016Q2 us-gaap Revenues
Revenues
61204000 USD
us-gaap Revenues
Revenues
120222000 USD
CY2017Q2 us-gaap Revenues
Revenues
69836000 USD
us-gaap Revenues
Revenues
136225000 USD
CY2016Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
21325000 USD
CY2017Q2 us-gaap Security Deposit Liability
SecurityDepositLiability
22375000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1865000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.062
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.053
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.191
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.197
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0091
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0149
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
406660 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
540830 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.65
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.75
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
760008 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
541679 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
934181 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P2Y11M4D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y4M0D
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
79772000 USD
CY2016Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
251000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1230000 USD
CY2017Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
342000 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1865000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1209590000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1286426000 USD
us-gaap Straight Line Rent
StraightLineRent
10583000 USD
us-gaap Straight Line Rent
StraightLineRent
12005000 USD
CY2016Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
9740000 USD
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
38520221 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
38460934 shares
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
40982244 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
40468024 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38561384 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38488088 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41245173 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40679345 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38520221 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38460934 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40982244 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40468024 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;"> - We have reclassified certain balances where necessary to conform the presentation of prior periods to the current period. We have combined our investment in marketable securities into other assets in our Condensed Consolidated Balance Sheets.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:17px;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;"> The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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