2017 Q1 Form 10-Q Financial Statement

#000161856317000058 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $61.56M $39.65M
YoY Change 55.27% 40.15%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $26.90M $17.60M
YoY Change 52.84% 30.37%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $18.70M $10.90M
YoY Change 71.56% 10.1%
% of Gross Profit
Operating Expenses $45.61M $28.50M
YoY Change 60.02% 22.17%
Operating Profit $15.95M $11.15M
YoY Change 43.11% 124.74%
Interest Expense $7.471M $4.941M
YoY Change 51.2% -29.23%
% of Operating Profit 46.84% 44.33%
Other Income/Expense, Net -$8.452M -$6.234M
YoY Change 35.58% -19.35%
Pretax Income $7.498M $4.911M
YoY Change 52.68% -275.39%
Income Tax $317.0K $109.0K
% Of Pretax Income 4.23% 2.22%
Net Earnings $555.0K $2.210M
YoY Change -74.89%
Net Earnings / Revenue 0.9% 5.57%
Basic Earnings Per Share $0.01 $0.10
Diluted Earnings Per Share $0.01 $0.07
COMMON SHARES
Basic Shares Outstanding 43.40M shares 23.01M shares
Diluted Shares Outstanding 43.40M shares 67.99M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.20M $8.500M
YoY Change 67.06% 2.41%
Cash & Equivalents $14.21M $8.489M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.600M $1.000M
Other Receivables $1.300M $200.0K
Total Short-Term Assets $17.10M $9.700M
YoY Change 76.29% 16.87%
LONG-TERM ASSETS
Property, Plant & Equipment $1.190M $683.0K
YoY Change 74.23% 226.79%
Goodwill $5.750M
YoY Change
Intangibles
YoY Change
Long-Term Investments $79.65M
YoY Change
Other Assets $9.200M $7.300M
YoY Change 26.03% -10.98%
Total Long-Term Assets $1.889B $1.170B
YoY Change 61.4% 36.68%
TOTAL ASSETS
Total Short-Term Assets $17.10M $9.700M
Total Long-Term Assets $1.889B $1.170B
Total Assets $1.906B $1.180B
YoY Change 61.52% 36.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.40M $14.40M
YoY Change 48.61% 4.35%
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 $21.40M $14.40M
YoY Change 48.61% 4.35%
LONG-TERM LIABILITIES
Long-Term Debt $893.8M $634.3M
YoY Change 40.91% 2.59%
Other Long-Term Liabilities $12.60M $6.100M
YoY Change 106.56% 32.61%
Total Long-Term Liabilities $906.4M $640.4M
YoY Change 41.54% 2.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.40M $14.40M
Total Long-Term Liabilities $906.4M $640.4M
Total Liabilities $927.7M $654.8M
YoY Change 41.69% 2.84%
SHAREHOLDERS EQUITY
Retained Earnings -$18.73M -$2.384M
YoY Change 685.57%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $582.9M $236.2M
YoY Change
Total Liabilities & Shareholders Equity $1.906B $1.180B
YoY Change 61.52% 36.49%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $555.0K $2.210M
YoY Change -74.89%
Depreciation, Depletion And Amortization $18.70M $10.90M
YoY Change 71.56% 10.1%
Cash From Operating Activities $28.21M $17.69M
YoY Change 59.42% 83.37%
INVESTING ACTIVITIES
Capital Expenditures -$29.60M -$63.60M
YoY Change -53.46% 695.0%
Acquisitions $62.67M
YoY Change 796.42%
Other Investing Activities $5.000M -$200.0K
YoY Change -2600.0% -50.0%
Cash From Investing Activities -$24.60M -$63.58M
YoY Change -61.3% 652.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $205.8M $18.57M
YoY Change 1007.89% 12.63%
Cash From Financing Activities -$1.688M $47.88M
YoY Change -103.53% -2647.02%
NET CHANGE
Cash From Operating Activities $28.21M $17.69M
Cash From Investing Activities -$24.60M -$63.58M
Cash From Financing Activities -$1.688M $47.88M
Net Change In Cash $1.913M $2.001M
YoY Change -4.4% -393.83%
FREE CASH FLOW
Cash From Operating Activities $28.21M $17.69M
Capital Expenditures -$29.60M -$63.60M
Free Cash Flow $57.81M $81.29M
YoY Change -28.89% 360.63%

Facts In Submission

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CY2017Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
-1600000 USD
CY2016Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
1383603000 USD
CY2017Q1 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
1417750000 USD
CY2016Q4 us-gaap Land
Land
456135000 USD
CY2017Q1 us-gaap Land
Land
464590000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
913024000 USD
CY2017Q1 us-gaap Liabilities
Liabilities
927711000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1892092000 USD
CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1905731000 USD
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
242299000 USD
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
141623000 USD
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
5213000 USD
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
10915000 USD
CY2017Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
5642000 USD
CY2016Q1 us-gaap Management Fees Revenue
ManagementFeesRevenue
0 USD
CY2017Q1 us-gaap Management Fees Revenue
ManagementFeesRevenue
1838000 USD
CY2016Q4 us-gaap Minority Interest
MinorityInterest
401966000 USD
CY2017Q1 us-gaap Minority Interest
MinorityInterest
395129000 USD
CY2017Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
13016000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
47884000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1688000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-63575000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-24604000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
17692000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28205000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
2210000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
555000 USD
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2592000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6626000 USD
CY2017Q1 us-gaap Net Rentable Area
NetRentableArea
23300000 sqft
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-6234000 USD
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-8452000 USD
CY2017Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
386 property
CY2017Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
20 state
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
28504000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
45613000 USD
CY2017Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
1881000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
11145000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
15950000 USD
CY2016Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
38501000 USD
CY2017Q1 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
57844000 USD
CY2016Q4 us-gaap Other Assets
OtherAssets
44730000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-403000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-770000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1895000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1613000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-52000 USD
CY2016Q1 us-gaap Other Real Estate Revenue
OtherRealEstateRevenue
1148000 USD
CY2016Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
4000 USD
CY2017Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
6000 USD
CY2016Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
600000 USD
CY2017Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
3154000 USD
CY2016Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
97000 USD
CY2017Q1 us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
PaymentsForProceedsFromDepositsOnRealEstateAcquisitions
138000 USD
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
113000 USD
CY2017Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1315000 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4605000 USD
CY2017Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
10564000 USD
CY2016Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
7000 USD
CY2017Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
116000 USD
CY2016Q1 us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
209000 USD
CY2017Q1 us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
40000 USD
CY2016Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
62669000 USD
CY2017Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
26363000 USD
CY2016Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1879000 USD
CY2017Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3275000 USD
CY2016Q1 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
193000 USD
CY2017Q1 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
0 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
0 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
7000000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
79500000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
222000000 USD
CY2016Q1 us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
265000 USD
CY2017Q1 us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
6000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
CY2017Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
5091000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
4802000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
7181000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1243000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1190000 USD
CY2016Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
13937000 USD
CY2017Q1 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
CY2016Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
110803000 USD
CY2017Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
124941000 USD
CY2016Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
39649000 USD
CY2016Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1844336000 USD
CY2017Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1887255000 USD
CY2016Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1733533000 USD
CY2017Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1762314000 USD
CY2017Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
61563000 USD
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
18572000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
205757000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2767000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3043000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8719000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-18728000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
598000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
983000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
0 USD
CY2017Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
577102000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
582891000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
979068000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
978020000 USD
CY2016Q1 us-gaap Undistributed Earnings
UndistributedEarnings
2206000 USD
CY2017Q1 us-gaap Undistributed Earnings
UndistributedEarnings
549000 USD
CY2016Q1 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
4777000 USD
CY2017Q1 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
549000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67994000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43401000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23005000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43401000 shares
CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the consolidated financial statements and related notes have been reclassified to conform to the current year presentation. Such reclassifications do not impact the Company's previously reported financial position or net income (loss).</font></div></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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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