2017 Q2 Form 10-Q Financial Statement

#000075136417000112 Filed on August 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $145.6M $131.0M
YoY Change 11.14% 11.77%
Cost Of Revenue $5.400M $4.600M
YoY Change 17.39% -2.13%
Gross Profit $140.1M $126.4M
YoY Change 10.84% 12.26%
Gross Profit Margin 96.23% 96.49%
Selling, General & Admin $8.800M $8.700M
YoY Change 1.15% 11.54%
% of Gross Profit 6.28% 6.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.40M $36.40M
YoY Change 13.74% 6.43%
% of Gross Profit 29.55% 28.8%
Operating Expenses $62.96M $55.88M
YoY Change 12.66% 12.2%
Operating Profit $82.59M $75.04M
YoY Change 10.06% 11.33%
Interest Expense $27.27M $24.08M
YoY Change 13.26% 11.08%
% of Operating Profit 33.02% 32.09%
Other Income/Expense, Net -$27.24M -$24.29M
YoY Change 12.14% 11.73%
Pretax Income $58.40M $50.76M
YoY Change 15.06% 11.15%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $58.03M $51.94M
YoY Change 11.72% 12.46%
Net Earnings / Revenue 39.86% 39.65%
Basic Earnings Per Share $0.33 $0.30
Diluted Earnings Per Share $0.33 $0.30
COMMON SHARES
Basic Shares Outstanding 148.4M shares 143.4M shares
Diluted Shares Outstanding 148.7M shares 144.0M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.500M $2.400M
YoY Change 87.5% 0.0%
Cash & Equivalents $4.450M $2.371M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $2.300M $3.100M
Prepaid Expenses
Receivables $2.200M $2.200M
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.000M $7.700M
YoY Change 16.88% -3.75%
LONG-TERM ASSETS
Property, Plant & Equipment $6.208B $5.644B
YoY Change 10.0% 13.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.80M
YoY Change 0.0%
Other Assets $2.100M $3.400M
YoY Change -38.24% -77.48%
Total Long-Term Assets $6.328B $5.778B
YoY Change 9.53% 12.76%
TOTAL ASSETS
Total Short-Term Assets $9.000M $7.700M
Total Long-Term Assets $6.328B $5.778B
Total Assets $6.337B $5.785B
YoY Change 9.54% 12.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $19.90M $19.10M
YoY Change 4.19% 9.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.90M $19.10M
YoY Change 4.19% 9.77%
LONG-TERM LIABILITIES
Long-Term Debt $2.529B $2.118B
YoY Change 19.41% 13.37%
Other Long-Term Liabilities $99.70M $101.0M
YoY Change -1.29% 0.6%
Total Long-Term Liabilities $2.629B $2.219B
YoY Change 18.47% 12.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.90M $19.10M
Total Long-Term Liabilities $2.629B $2.219B
Total Liabilities $2.648B $2.238B
YoY Change 18.35% 12.69%
SHAREHOLDERS EQUITY
Retained Earnings -$352.6M -$281.8M
YoY Change 25.13% 24.82%
Common Stock $1.493M $1.462M
YoY Change 2.12% 8.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.688B $3.547B
YoY Change
Total Liabilities & Shareholders Equity $6.337B $5.785B
YoY Change 9.54% 12.73%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $58.03M $51.94M
YoY Change 11.72% 12.46%
Depreciation, Depletion And Amortization $41.40M $36.40M
YoY Change 13.74% 6.43%
Cash From Operating Activities $97.90M $85.20M
YoY Change 14.91% 20.51%
INVESTING ACTIVITIES
Capital Expenditures -$300.9M -$359.0M
YoY Change -16.18% 169.32%
Acquisitions
YoY Change
Other Investing Activities $9.000M $63.60M
YoY Change -85.85% 2665.22%
Cash From Investing Activities -$292.0M -$295.4M
YoY Change -1.15% 125.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 164.1M 204.0M
YoY Change -19.56% 249.32%
NET CHANGE
Cash From Operating Activities 97.90M 85.20M
Cash From Investing Activities -292.0M -295.4M
Cash From Financing Activities 164.1M 204.0M
Net Change In Cash -30.00M -6.200M
YoY Change 383.87% 226.32%
FREE CASH FLOW
Cash From Operating Activities $97.90M $85.20M
Capital Expenditures -$300.9M -$359.0M
Free Cash Flow $398.8M $444.2M
YoY Change -10.22% 117.75%

Facts In Submission

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91000 USD
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175000 USD
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CY2016Q4 us-gaap Notes Payable
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CY2017Q2 us-gaap Notes Payable
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2299710000 USD
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2367102000 USD
CY2017Q2 us-gaap Notes Payable Fair Value Disclosure
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2377525000 USD
CY2017Q2 us-gaap Number Of States In Which Entity Operates
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55882000 USD
us-gaap Operating Expenses
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105366000 USD
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62959000 USD
us-gaap Operating Expenses
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118890000 USD
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OperatingLeasesIncomeStatementMinimumLeaseRevenue
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CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
379000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
553000 USD
CY2017Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-81000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-7000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
312000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
312000 USD
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1140000 USD
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1694000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
282000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
107000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-24289000 USD
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2016Q2 us-gaap Other Income
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448000 USD
CY2017Q2 us-gaap Other Income
OtherIncome
80000 USD
us-gaap Other Income
OtherIncome
165000 USD
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OtherLiabilities
85869000 USD
CY2017Q2 us-gaap Other Liabilities
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99720000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-47985000 USD
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OtherNonoperatingIncomeExpense
-27237000 USD
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-53713000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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1812000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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431000 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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0 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
287500000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
159000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
172000 USD
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PaymentsOfStockIssuanceCosts
3379000 USD
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PaymentsToAcquireRealEstateHeldForInvestment
485573000 USD
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164000 USD
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PercentageRent
198000 USD
us-gaap Percentage Rent
PercentageRent
746000 USD
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PreferredStockParOrStatedValuePerShare
0.01
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PreferredStockParOrStatedValuePerShare
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CY2016Q4 us-gaap Preferred Stock Shares Authorized
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CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
15000000 shares
us-gaap Proceeds From Collection Of Notes Receivable
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123000 USD
us-gaap Proceeds From Collection Of Notes Receivable
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0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
219448000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
74503000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
598500000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
705200000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
73066000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
48595000 USD
CY2016Q2 us-gaap Profit Loss
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51933000 USD
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122609000 USD
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58409000 USD
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132057000 USD
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PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
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PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
810460000 USD
us-gaap Real Estate Acquisitions Through Foreclosures
RealEstateAcquisitionsThroughForeclosures
0 USD
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RealEstateAcquisitionsThroughForeclosures
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RealEstateHeldforsale
2862000 USD
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RealEstateInvestmentPropertyAccumulatedDepreciation
3105000 USD
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521000 USD
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-319254000 USD
CY2017Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
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us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
451200000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
6990000 USD
us-gaap Repayments Of Secured Debt
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253000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2016Q2 us-gaap Revenues
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us-gaap Revenues
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CY2017Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
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CY2016Q2 us-gaap Severance Costs1
SeveranceCosts1
0 USD
us-gaap Severance Costs1
SeveranceCosts1
0 USD
CY2017Q2 us-gaap Severance Costs1
SeveranceCosts1
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us-gaap Severance Costs1
SeveranceCosts1
7428000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
3916799000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
3688185000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3916928000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3688686000 USD
us-gaap Straight Line Rent
StraightLineRent
157000 USD
us-gaap Straight Line Rent
StraightLineRent
904000 USD
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TenantReimbursements
3248000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
6838000 USD
CY2017Q2 us-gaap Tenant Reimbursements
TenantReimbursements
3700000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
7560000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
143976712 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142693785 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148719470 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148023668 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
144315093 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
142946299 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
149119191 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
148354604 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
143443375 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
142141990 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148372501 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147655076 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
406170 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
374701 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
301206 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
293588 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Management of NNN has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements in conformity with GAAP. Significant estimates include provisions for impairment and allowances for certain assets, accruals, useful lives of assets and purchase price allocation. Actual results could differ from those estimates.</font></div></div>

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