2018 Q4 Form 10-Q Financial Statement

#000075136418000114 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $160.5M $155.5M $147.8M
YoY Change 6.78% 5.25% 9.82%
Cost Of Revenue $7.700M $5.800M $5.600M
YoY Change 18.46% 3.57% 14.29%
Gross Profit $151.3M $149.6M $142.2M
YoY Change 5.22% 5.2% 9.72%
Gross Profit Margin 94.25% 96.19% 96.23%
Selling, General & Admin $8.300M $8.500M $7.400M
YoY Change -4.6% 14.86% -18.68%
% of Gross Profit 5.49% 5.68% 5.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.10M $42.50M $48.40M
YoY Change 0.68% -12.19% 24.1%
% of Gross Profit 29.15% 28.41% 34.04%
Operating Expenses $52.30M $60.64M $61.62M
YoY Change -0.38% -1.6% -3.6%
Operating Profit $99.00M $109.0M $86.08M
YoY Change 8.43% 26.67% 21.9%
Interest Expense -$33.40M $27.19M $28.20M
YoY Change 24.16% -3.58% 16.27%
% of Operating Profit -33.74% 24.94% 32.76%
Other Income/Expense, Net -$27.00M -$28.14M
YoY Change -4.05% 15.56%
Pretax Income $36.60M $82.00M $61.10M
YoY Change -49.31% 34.21% 32.06%
Income Tax
% Of Pretax Income
Net Earnings $36.56M $82.03M $61.12M
YoY Change -49.34% 34.21% 20.35%
Net Earnings / Revenue 22.78% 52.74% 41.36%
Basic Earnings Per Share $0.17 $0.47 $0.35
Diluted Earnings Per Share $0.17 $0.47 $0.35
COMMON SHARES
Basic Shares Outstanding 159.1M shares 156.9M shares 149.3M shares
Diluted Shares Outstanding 157.3M shares 149.7M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.3M $607.7M $254.3M
YoY Change 8064.29% 138.97% 4210.17%
Cash & Equivalents $114.3M $607.7M $254.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $16.10M $3.300M $2.400M
Prepaid Expenses
Receivables $3.800M $2.200M $3.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $134.2M $613.2M $260.2M
YoY Change 282.34% 135.66% 592.02%
LONG-TERM ASSETS
Property, Plant & Equipment $6.859B $6.633B $6.252B
YoY Change 6.95% 6.1% 9.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.100M $4.400M $1.800M
YoY Change -24.07% 144.44% -41.94%
Total Long-Term Assets $6.969B $6.746B $6.366B
YoY Change 6.8% 5.96% 9.41%
TOTAL ASSETS
Total Short-Term Assets $134.2M $613.2M $260.2M
Total Long-Term Assets $6.969B $6.746B $6.366B
Total Assets $7.103B $7.359B $6.626B
YoY Change 8.28% 11.05% 13.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $19.50M $35.30M $37.10M
YoY Change -3.94% -4.85% 13.11%
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 $19.50M $35.30M $37.10M
YoY Change -3.94% -4.85% 13.11%
LONG-TERM LIABILITIES
Long-Term Debt $2.851B $3.148B $2.709B
YoY Change 10.51% 16.22% 25.69%
Other Long-Term Liabilities $77.90M $98.00M $114.5M
YoY Change -34.59% -14.41% 28.22%
Total Long-Term Liabilities $2.929B $3.246B $2.823B
YoY Change 8.52% 14.97% 25.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.50M $35.30M $37.10M
Total Long-Term Liabilities $2.929B $3.246B $2.823B
Total Liabilities $2.949B $3.282B $2.860B
YoY Change 8.43% 14.72% 25.61%
SHAREHOLDERS EQUITY
Retained Earnings -$424.2M -$372.9M -$370.8M
YoY Change 11.88% 0.57% 20.94%
Common Stock $1.616M $1.591M $1.518M
YoY Change 5.14% 4.81% 3.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.154B $4.077B $3.765B
YoY Change
Total Liabilities & Shareholders Equity $7.103B $7.359B $6.626B
YoY Change 8.28% 11.05% 13.15%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $36.56M $82.03M $61.12M
YoY Change -49.34% 34.21% 20.35%
Depreciation, Depletion And Amortization $44.10M $42.50M $48.40M
YoY Change 0.68% -12.19% 24.1%
Cash From Operating Activities $106.4M $137.3M $115.1M
YoY Change 16.41% 19.29% -9.08%
INVESTING ACTIVITIES
Capital Expenditures -$341.9M -$90.00M -$72.40M
YoY Change 36.49% 24.31% -52.37%
Acquisitions
YoY Change
Other Investing Activities $26.20M $37.60M $8.000M
YoY Change -34.66% 370.0% -25.93%
Cash From Investing Activities -$315.7M -$52.50M -$64.40M
YoY Change 50.05% -18.48% -54.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -284.1M 521.0M 199.1M
YoY Change 112.17% 161.68% 1006.11%
NET CHANGE
Cash From Operating Activities 106.4M 137.3M 115.1M
Cash From Investing Activities -315.7M -52.50M -64.40M
Cash From Financing Activities -284.1M 521.0M 199.1M
Net Change In Cash -493.4M 605.8M 249.8M
YoY Change 95.1% 142.51% 7247.06%
FREE CASH FLOW
Cash From Operating Activities $106.4M $137.3M $115.1M
Capital Expenditures -$341.9M -$90.00M -$72.40M
Free Cash Flow $448.3M $227.3M $187.5M
YoY Change 31.12% 21.23% -32.7%

Facts In Submission

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SecuredDebt
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CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2017Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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CY2018Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
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us-gaap Weighted Average Number Of Shares Restricted Stock
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassification</font><font style="font-family:inherit;font-size:10pt;"> &#8211; Certain items in the prior year&#8217;s consolidated financial statements and notes to consolidated financial statements have been reclassified to conform to the 2018 presentation.</font></div></div>
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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